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Questions and Answers
Which of these sectors are part of the economy? (Select all that apply)
Which of the following is not a type of private sector business?
A charity is an example of a private sector organization.
False
Name one aim of the private sector.
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Public sector organizations include local councils and __________ corporations.
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Match the following types of businesses with their categories:
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Study Notes
Types of Organizations
-
Three sectors of economy:
- Private
- Public
- Third
-
Types of Businesses
-
Private sector:
- Sole traders
- Partnerships
- Private Limited Companies (Ltd)
- Public Limited Companies (PLC)
- Multinational companies
- Franchises
-
Public sector:
- Government
- Local council (government)
- Public corporations
-
Third sector:
- Charities
- Voluntary organizations
- Social enterprises
- Co-operatives
-
Private sector:
Private Sector Aims
- Maximize profits: Profit is the difference between earnings and expenses.
- Turn innovative ideas into successful businesses: Identify unmet needs in the market
- Expand the business to grow: Increase revenues, market share, and brand awareness.
Private Sector Examples
- Private Limited companies (Ltd): Privately held companies with limited liability for their owners
- Public Limited companies (PLC): Shares are publicly traded on stock exchanges, offering wider ownership.
- Franchises: A business grants a license to another party to reproduce its business model.
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Description
This quiz covers the various types of organizations within the economy, including the private, public, and third sectors. Learn about the different business structures, their aims, and examples. Test your knowledge on how these sectors operate and their characteristics.
