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Questions and Answers
Which of these sectors are part of the economy? (Select all that apply)
Which of these sectors are part of the economy? (Select all that apply)
- Private (correct)
- Public (correct)
- Retail
- Third (correct)
Which of the following is not a type of private sector business?
Which of the following is not a type of private sector business?
- Public corporation (correct)
- Multinational company
- Sole trader
- Franchise
A charity is an example of a private sector organization.
A charity is an example of a private sector organization.
False (B)
Name one aim of the private sector.
Name one aim of the private sector.
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Public sector organizations include local councils and __________ corporations.
Public sector organizations include local councils and __________ corporations.
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Match the following types of businesses with their categories:
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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