Individuals or groups own and control the company.
1 of 6
Public Sector
Governments own and control these companies.
2 of 6
Third Sector
Non-profit organizations with the aim of doing good for society.
3 of 6
Features of Private Sector
- Can be Sole Traders, Partnerships, Private Limited Companies, Public Limited Companies.
- Pay tax to the Government.
- Normally have an objective to make a profit.
- Maybe funded by debt.
4 of 6
Features of Public Sector
- Often have an objective to provide a good or service that would be under-provided if left to the private sector.
- Goods and services may be provided free or at a cost that is less than the market value.
- Aim to benefit society.
- Funded by the Governm
5 of 6
Features of Third Sector
- Reinvest any surplus of expenditure into supporting their work.
- May be fully or partially run by volunteers.
6 of 6
Other cards in this set
Card 2
Front
Governments own and control these companies.
Back
Public Sector
Card 3
Front
Non-profit organizations with the aim of doing good for society.
Back
Card 4
Front
- Can be Sole Traders, Partnerships, Private Limited Companies, Public Limited Companies.
- Pay tax to the Government.
- Normally have an objective to make a profit.
- Maybe funded by debt.
Back
Card 5
Front
- Often have an objective to provide a good or service that would be under-provided if left to the private sector.
- Goods and services may be provided free or at a cost that is less than the market value.
- Aim to benefit society.
- Funded by the Governm
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