Comprises organisations accountable to and controlled by central or local government (the state)
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Private Sector
Comprises businesses owned and controlled by individuals or group of individuals
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Mixed Economy
Economic resources are owned and controlled by both private and public sector
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Free Market Economy
Economic resources are owned largely by the private sector by very little state intervention
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Command Economy
Economic resources are owned, planned and controlled by the state
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Sole Trader
A business in which one person provide the permanent finance and in return has full control of the business and is able to keep all of the profits
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Partnership
A business formed by two or more people to carry on a business together with shared capital investment and usually shared responsibilities
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Limited Liability
The only liability or potential loss a shareholder has if the the company fails is the amount invested in the company, not the total wealth of the shareholder.
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Private Limited Company
A small to medium sized business that is owned by shareholders who are often members of the same family; this company cannot sale the shares to the general public.
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Share
A certificate confirming part ownership of a company and entitling the shareholder owner to dividends and certain share holder rights
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Shareholder
A person or institution owning share in a limited company
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Public Limited Company
A limited company, often a large business, with the legal right to sell the share to the general public- share prices are quoted on the national stock exchange
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Memorandum of Association
This states the name of the company, the address of the head office through which it can be contacted, the maximum share capital for which the company seeks authorization and the declared aims of the business
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Article of Association
This document covers the internal workings and control of the business- for example, the name of directors and the producers to be followed at the meetings will be detailed
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Franchise
A business that uses the name, logo and trading systems of an existing successful business
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Joint Venture
Two or more businesses agree to work closely together on a particular project and create a separate business division to do so
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Holding Company
A business organisation that owns and controls a number of separate businesses, but does not unite them into one unified company
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Public Corporation
A business enterprise owned and controlled by the state- also known as nationalized industry
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Other cards in this set
Card 2
Front
Comprises businesses owned and controlled by individuals or group of individuals
Back
Private Sector
Card 3
Front
Economic resources are owned and controlled by both private and public sector
Back
Card 4
Front
Economic resources are owned largely by the private sector by very little state intervention
Back
Card 5
Front
Economic resources are owned, planned and controlled by the state
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