Mixed Economy = An economy with a private and a public sector.
Public Sector = Organisations controlled by the Government on behalf of the population.
Private Sector = Businesses are owned by shareholders, individuals, soul traders and partnerships. The aim of a business in the private sector is to survive by making a profit. This may be a sole-trader working alone, like a newsagent, or thousands of shareholders in a large Public Limited Company.
Market Share = Percentage of a sales in an industry. Businesses gain a larger market-share by increasing the sales of their products against competitors. This may involve…