Private and Public Sectors

Question 1

Name types of businesses under the private sector

Answer 1

sole traders, cooperatives, partnerships and companies

Question 2

List types of businesses under the public sector

Answer 2

government departments, state corporations, nationalized industries

Question 3

Who owns businesses in the private sector?

Answer 3

shareholders

Question 4

Who owns and controls the businesses in the public sector?

Answer 4

the government and voters

Question 5

What is the main reason for business in the private sector?

Answer 5

to make a profit

Question 6

What is the main motive for businesses in the public sector?

Answer 6

to provide services to the public

Question 7

List the sources of capital for businesses in the private sector

Answer 7

savings, banks and private investors

Question 8

List the sources if capital for public sector businesses

Answer 8

taxes, government borrowing

Question 9

public company vs public sector

Answer 9

Public companies are businesses that are owned by their shareholders and is a part of the private sector. The public sector is made up of businesses owned by the government.