Font size
WorksheetsUB Revision
Total questions: 10
Worksheet time: 7mins
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
(a)
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
