textbook flashcards
public sector
privately owned
provides goods and services with a shared benefit
funded from taxes and other goverment revenue
workers are civil servants
private sector
owned by individuals or shareholders
provides goods and services to individuals, businesses and other organisations
funded from profits, private investment, stock sales and business loans
workers are employers or independent contractors
what is a business
a business is an organisation which provides goods and/or services in the public or private sector
what are the objectives of business
profit
market share
care of the environment
to care for society
to provide a public service
what is market share
the portion of a market controlled by a particular company or product. many businesses are in keen competition to sell as much as possible and increase share in market
how do businesses care for society and environment
donating money to charity, sport or to the arts
having a specific environmental policy- using recycled products and banning CFCās
what is a limited company
a body owned by shareholders set up to do business
