Private sector
In the private sector, where do companies get the money that they use to pay employees?
From selling their product or service
In the public sector, where do companies get the money they pay their employees?
From tax revenue, through the government
Which is likely to have higher pay, pubic or private sector jobs?
Private sector jobs
What makes a nonprofit business different from an ordinary private sector business?
What is the gig economy?
The gig economy is a system where people are able to use their unique skills to make money outside of a traditional job.
Give an example of a private sector job.
There could be a lot of answers to this- basically, any job that is not funded by taxpayer money.
Give an example of a public sector job.
This could be any job that is funded by taxpayer money- for example, teachers, firefighters, police, military
Which comes with more risk of the company you work for closing down, public or private sector jobs?
Private sector- most private businesses fail eventually, but public organizations like schools, police departments, and fire departments will likely stay open as long as there is a town.
What is an example of a nonprofit?
There are many potential answers, but some we have discussed would be Red Cross, Salvation Army, and Goodwill.
What is the difference between being a freelancer and doing a side hustle?
A freelancer is generally thought of as someone who looks for work on their own instead of doing a traditional job. Someone who is doing a side hustle likely has a traditional job they do during the day- the side hustle just makes them additional money on top of their paycheck.
True or False: Most jobs are private sector jobs.
True
What is likely the main reason why someone would want to work a public sector job?
Making a difference- these jobs don't tend to pay as well, but can often have a much more direct impact on people's lives
Which likely has more upward mobility, a private sector or public sector job?
Private sector jobs
Which is likely to pay better, a job at a nonprofit company or a job at a for-profit company?
A job at a for-profit company, because they make a profit and can use it to pay employees more.
Why would companies want to hire freelancers?
They don't have to pay an employee to work every day- they can just hire them as needed to do specific jobs.
True or False: In general, the rarer your knowledge/skills, the more you get paid in the private sector.
True
Why are public sector businesses more likely to deal with public pressure?
They are under the authority of the government and are funded by the taxpayers- both groups want a say in how they conduct their business.
Which is likely to make a more direct impact on people's lives, a public service job or a private sector job?
Public sector- these jobs are specifically created to meet public needs and often involve working directly with members of the community.
What is the main reason people would work for a nonprofit?
Making a difference- because they care about a specific cause or just making a positive impact in general
Why would someone want to freelance?
Control of their time and work- they can choose when they want to work and who they work for.
What does the term hierarchy mean?
Basically, who is in charge of who- it is the positions and rankings of people in a company, which specifically shows who has authority over who
If we didn't have public service jobs, what is one way our society would be negatively impacted?
There could be a lot of potential answers to this, but some of the main ones would be that we would be less educated and less safe, which would mean we would also be a very poor nation and would likely have significantly less freedom than we do today.
Which type of business does the government have more direct control over, a public sector job or a private sector job?
Public sector- they are paid by the government and subject to more direct oversight
While making a difference is often the reason people work for a nonprofit, what is one way it can help you personally?
Resume building- having worked for a non profit would look really good on a resume.
What is the biggest challenge of freelancing? What is the biggest challenge of doing a side hustle?
The biggest challenge of freelancing is finding enough work to make enough money. The biggest challenge of working a side hustle is time management- you are also working a day job, so it is important to avoid getting burned out.