Private sector

Question 1

explain private sector organizations

Answer 1

private sector organizations largely focus on satisfying the wants of the costumer. Their main focus is to maximize profits

Question 2

what are the characteristics of sole traders

Answer 2

one owner
few employees
unlimited liability (owner and business are one)
minimal start up capital and legal requirements
provides personal service

Question 3

Define partnership

Answer 3

a group or association with 2-20 people who establish a business with a common view of maximizing profit

Question 4

What is the partnership deed

Answer 4

a legally biding agreement which outlines the agreed upom terms and conditions of a partnership

Question 5

what are cooperatives

Answer 5

cooperatives are a special form of business organization that are owned and controlled by groups of the same interests. Their aim is to prove the economic well being of their members. They are financed by their members.

Question 6

what are the four types of co operatives

Answer 6

consumer. marketing, workers, producers