Well, in theory, at least under some circumstances, private markets allocate their goods and services efficiently.
Yes I agree! In most circumstances the private market allocates the services and good of a community to it's individuals efficiently. The goal is to match individual tastes with the what the economy is producing.
I'd like to work in finance some day, do you have any good information about different branches of finance so I can maybe narrow it down? Well, just to clarify finance deals with the  study of investments. That's what you're looking to know about? Yes that's exactly the area of interest for me. Great! There are three categories. The public, corporate and personal finance. Do you have a preference of which area you might like best? I'd like to know more about public finance I think, what do you have for me? OK, public finance deals with the way government is involved in the economy. Would you like to know more about it? Yes, it seems like a very important job, we need to hold people accountable for what they spend!
In theory, under certain circumstances, private markets will allocate goods and services among individuals efficiently (in the sense that no waste occurs and that individual tastes are matching with the economy's productive abilities).