what i do not know about understanding business

Question 1

how does a firm add value

Answer 1

producing goods that customers want

attaching a brand onto the products so they can sell it for a high price

they reduce manufacture costs so they get more profits

Question 2

what is the third sector of the economy

Answer 2

part of economy that undertakes to provide goods and services that help others

Question 3

what are the advantages of the public sector

Answer 3

often less competition so less stress on managers

maximising profit is not the main objective so firm can concentrate on others

funded by the gov/taxpayers money rather than relying solely on borrowing/generating revenue