Understanding the Private, Public, and Nonprofit Sectors of Society

The video tutorial explains the three primary sectors of the economy: private, public, and nonprofit. The private sector consists of for-profit businesses not controlled by the government. The public sector includes government-controlled entities contributing to the economy. The nonprofit sector comprises organizations serving public good, qualifying under the Internal Revenue Code for nonprofit status. These sectors collectively form the external economy.

In what ways are nonprofit entities managed?

What are the three primary sectors that make up the external economy?