Business Sectors

Question 1

What is the public sector

Answer 1

The public sector is a good/service provided by local or national GVMT

Question 2

What is the private sector

Answer 2

The private sector are goods/services produced by private businesses

Question 3

What is privatisation

Answer 3

Privatisation is when public sector enterprises are sold by the GVMT to businesses owner by private shareholders

Question 4

What is nationalisation

Answer 4

Nationalisation is where private sector companies are bought/taken over by the GVMT to run and own

Question 5

What is a social enterprise

Answer 5

A social enterprise is a business set up with the main objective of helping people

Question 6

What are social enterprises often refereed to as

Answer 6

The third sector

Question 7

What is the point of social enterprises

Answer 7

To provide a good/service that will benefit society while being ran in a professional manner

Question 8

What is the point in the private sector

Answer 8

Private sector businesses seek to gain a profit from sales

Question 9

What is the point of the public sector

Answer 9

The public sector seeks to provide goods/services that benefit social welfare