Sector of Economy Flashcards
1
Q
What is the private sector?
A
The private sector consists of businesses that aim to make a profit.
2
Q
What is the public sector?
A
The public sector consists of government-owned organisations and agencies which aim to provide a service to the public/society.
3
Q
What is the third sector?
A
The third sector consists of organisations that have been set up to provide goods or services to benefit others.
Examples :
- Charities
- Voluntary organisations
- Social enterprise
- Democratic enterprises such as co-operatives
