Types of Businesses and Economic Systems

The public sector is comprised of businesses that are owned and operated by private individuals

• True

• False

The main objective of businesses in the private sector is to

• provide a service

• make a profit

• Employ persons in the local community

• Sponsor community events

The following are forms of private enterprise EXCEPT:

• Sole traders

• Partnerships

• Statutory Corporation

• Public Limited Liability Company

The public sector consists of businesses that are owned and controlled by the (a)   .

All of the following are businesses in the public sector EXCEPT

• Sanitation Service Authority

• Chefette

• The Barbados Port Incorporated

• BADMC

A business is an organisation

that uses resources to produce

a _________________ or ________________ that satisfies

a customer wants and needs

with the aim of making a profit.

(a)  

An economic system answers three questions: __________, ___________, and __________ ?

• When to produce? where to produce? and why we should produce?

• How much wealth? why the greed? and why we need power?

• How much Money? which markets? and the length of the business cycle?

• What to produce? how to produce? and for whom to produce?

A good is a tangible commodity that is capable of satisfying a want or need:

• True

• False

Which type of economic system does Barbados have?

• A command economy

• A traditional economy

• A mixed economy

• A free market economy

There is little or no government control in a _____________ economy.

• A traditional economy

• A mixed economy

• A free enterprise economy

• A command economy