Classification of businesses 2

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  • Classification of businesses 2
    • Why might business objectives change?
      • The ownership of firm changes
      • Success is achieved
      • The economy may enter a recession
    • Main business objectives
      • Public sector
        • Affordability
        • Access
        • Quality
        • Equality
      • Private sector
        • Growth
        • Profit
        • Survival
    • What are aims?
      • Long term intentions of a business
      • Often in the form of a Mission Statement
    • Different types of economy
      • Planned economy
        • Everything is privately owned and number and type of business is decided by government
      • Market economy
        • Everythingis privately owned and number and type of business is decided by market
      • Mixed economy
        • Governemt provide public and merit goods
    • Public sector
      • Central government owned - NSH
      • Local governemtowned - refuse collection
    • Private sector
      • Sole trader
        • Business owned by one individual
      • Private limited company
        • Business owned by between 1 and 50 shareholders
      • Public limited company
        • Business owned by 2 or more shareholders who must invest at least £50000 into the business
      • Partnership
        • Business owned by two or more individuals

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