UB Revision

Sectors of Economy are?

• Primary, Secondary, Tertiary

• Private, Public, Third

Types of Businesses that operate within the Private Sector are?

• NHS

• The Big Issue

• Sole Trader

• Private Limited Company (Ltd)

• Partnership

Public sector is owned by the

An objective of the Public Sector

• To provide a service

• Maximise profits

• Growth

• Survival

Types of Organisations that exisit in the Third Sector

• Partnership

• Charities

• Armed Forces

• Social Enterprises

Two objectives of the Third Sector

• Raise awarenesses of the cause they support

• Increase market share

• Make a difference to society

• Growth

Two advantages of a Private Limited Company (Ltd)

• Keep all profit

• Shareholders have limited liabilty

• Make all the decisions yourselve

• Can raise additional finance by selling shares

Two disadvantages of being a Private Limited Company

• More complex to set up than being a sole trader or partnership due to legal process

• Annual accounts must be produced

• Financial risk is spread between shareholders

• Control is not lost to outsiders

Non-durable means

• A good that lasts a long time

• A good that doesn't last a long time

What methods can a business use to ensure good customer service

• Don't listen to customer feedback

• Provide staff training

• Quick responses to customer complaints

• Giving customers value for money

• Do not have a returns policy