Sectors of Economy

Question 1

Public

Answer 1

Owned by: The Government on behalf of the public

Run by: Elected MPs and councillors

Financed by: Council tax – It is based on the value of the property.
Charging fees for the use of council facilities e.g. leisure
centres.
Business rates – paid by businesses that trade in the
local authority.

Question 2

Third

Answer 2

Owned by: Trusts, Founder

Run by: Board of Trustees - A board of trustees is an appointed or
elected group of individuals that has overall responsibility for
the management of an organisation.

Funded by: Donations – Businesses in the third sector will receive
donations from the public
Grants – Some businesses in the third sector may receive
grants for their businesses

Question 3

Sole Trader

Answer 3

Owned by: one person – the business owner

Run by: one person – the business owner

Financed by: Own savings, loans e.g. bank or mortgage,
retained profits, grants

Question 4

Partnership

Answer 4

Owned by: The partners

Run by: The partners

Financed by: Own savings, loans e.g. bank or mortgage,
retained profits, grant

Question 5

Private Limited Companies (Ltd)

Answer 5

Owned by: Private Shareholders.

Run by: Board of Directors

Financed by: Loans, share issue, retained profits/Grants