1.2d - Public and Private Sector Flashcards
1
Q
What businesses are in the private sector?
A
Ones owned and run by private individuals
2
Q
Why would a business be privatised?
A
- Improve efficiency
- Country gains revenue from selling the business
- Meet needs of shareholders
3
Q
What businesses are in the public sector?
A
Any business owned and operated by the government
4
Q
Examples of public sector businesses:
A
- Education
- Health care
- Emergency services
5
Q
What are public sector businesses also known as?
A
Nationalised industries
6
Q
Examples of regulatory bodies that monitor nationalised businesses:
A
- Ofwat
- Ofcom
- Ofqual
7
Q
Nationalisation definition
A
When a private sector business is taken over by the government and moves into the public sector
8
Q
Reasons nationalisation happens:
A
- Government can ensure essential services are provided and available to all
- Protect struggling industries
