11G 22-9-21 1.1.2.

Public sector

• Important (essential) goods and services

• Usually operated for profit (charities are the exception)

Private sector

• Objectives other than profit

• Goods and services, Usually operated for profit (charities are the exception)

• Preventing private monopoly

• Maintaining employment

Public sector works towards

• Maintaining employment

• Maintaining environmental standards

• Both

PUBLIC CORPORATION

• Companies owned by shareholders in the private sector

• Nationalised industry owned and controlled by the state

PUBLIC LIMITED COMPANIES

• Owned by shareholders in the private sector

• Business enterprise owned and controlled by the state

Mixed economy

• Economic resources are owned largely by the private sector with very little state intervention

• Economic resources are owned, planned and controlled by the state

• Economic resources owned and controlled by both private and public sectors

COMMAND ECONOMY

• Economic resources are owned, planned and controlled by the state

• Economic resources owned and controlled by both private and public sectors

• Economic resources are owned largely by the private sector with very little state intervention

FREE-MARKET ECONOMY

• Economic resources owned and controlled by both private and public sectors

• Economic resources are owned largely by the private sector with very little state intervention

• Economic resources are owned, planned and controlled by the state

Russia and North Korea are examples of

• Mixed Economy

• Free-market economy

• Command Economy

India and China are examples of

• Mixed Economy

• Command Economy