Question
State three points of difference between public debt and private debt.
✓
Answer
Difference between :
| Public Debt | Private Debt |
| (i) The government can take loan within and outside the country. | (i) A private borrower generally can borrow only within the country. |
| (ii) The government generally borrows to spend for the welfare of the society. | (ii) The aim of private debt is profit making. |
| (iii) The government may force the people or institutions in the country to lend money to it. | (iii) No private individual can force another individual to lend him money. |
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