Th3.1: Public and Private Sector

Question 1

In the UK, the economy is split into the…

Answer 1

public and private sector

Question 2

What does the private sector refer to?

Answer 2

the part of the economy that is owned and run by individuals or groups of individuals, including sole traders and PLCs

Question 3

What does the public sector refer to?

Answer 3

the part of the economy that is owned or controlled by the local or central government

Question 4

What is the purpose of these public sector organisations?

Answer 4

to provide a service for UK citizens and profit making is not their main aim - some may even make a loss which is funded by the taxpayer