Private and Public Sectors in Business

Front

What is the primary goal of private sector businesses?

Back

To generate profits for their owners or shareholders.

Front

How do private sector businesses compete in the market?

Back

They compete for customers and resources in a free market, driving innovation and efficiency.

Front

What are the three main characteristics of the private sector?

Back

Efficiency, Innovation, Flexibility.

Front

What is a sole proprietorship?

Back

A business owned and operated by a single individual who is personally liable for all business debts.

Front

What is a partnership?

Back

A business structure where two or more individuals share ownership and liability.

Front

What defines a corporation?

Back

A legal entity separate from its owners, with limited liability and the ability to raise capital more easily.

Front

What is the primary goal of the public sector?

Back

To provide essential services and regulate the economy.

Front

What types of services does the public sector provide?

Back

Essential services like education, healthcare, and infrastructure.

Front

What is the role of the public sector in regulation?

Back

To set regulations and enforce laws to protect consumers, workers, and the environment.

Front

What are the three main characteristics of the public sector?

Back

Service Orientation, Accountability, Transparency.