Sectors of Economy

Question 1

What are the 3 sectors of economy?

Answer 1

Private sector
Public sector
Third sector

Question 2

Describe the private sector

Answer 2

This consists of businesses that aim primarily to maximise profits and includes all profit-making businesses.

Question 3

Describe the public sector

Answer 3

This consists of government-owned organisations and agencies which aim to provide a service to society e.g. NHS and police.

Question 4

Describe the third sector

Answer 4

This consists of organisations that have been set up to provide goods or services to benefit others e.g. charities.