1.2 Business ownership

Question 1

What is meant by private sector ?

Answer 1

Business aims to make profit
Owned and run by private people / individual
Sole trader, partnership, limited companies

Question 2

What is meant by public sector ?

Answer 2

Government owned
Responsible for public services (education, healthcare)
Example: school, library, NHS
Financed through taxation

Question 3

What is meant by third sector ?

Answer 3

Not government owned and do not exist to make profit.
Rely on donations, fundraisers, grants
Usually for poverty
Charities

Question 4

Give me some examples of private, public and third sector ?

Answer 4

Cancer Research UK = Third sector
Amazon = Private
NHS = Public
Robert Clack = Public
Bobs Coffee shop = Private
Asda = Public
Romford central library = Public
British army = public