public and private sector

Question 1

what are the 3 roles of the public sector

Answer 1

distribution of wealth more evenly
provide an essential service to ensure everyone has equal chances for these services (education health)
provide security for the country in order to defend and protect the country

Question 2

what is the public sector?

Answer 2

public sector is businesses owned by the country but controlled and financed by the government their main aim is to provide a service

Question 3

how public and private sectors differ on ownership

Answer 3

public is funded by government and local authorities but owned by state on behalf of all citizens
private owned by private individuals eg sole trader plc an ltd share holders and partnerships

Question 4

how they differ on aims

Answer 4

public aim is to provide an essential service to citizians
private aim is to make and maximise profits made

Question 5

how they differ on control

Answer 5

public controlled by government
private controlled by private individuals (owners managers etc)

Question 6

how they differ upon finance and their use of profits

Answer 6

public is funded by government from taxes and reinvests profit back into the government
private is funded by private individuals who invest their own money in and profits are shared between owners or shareholders receive dividends