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a business enterprise owned and controlled by the state- also known as nationalized industry
What is a public corporation?
a business formed by two or more people to carry on a business together, with shared capital investment and, usually, shared responsibilities.
What is a partnership?
What is (the/a) private sector?
A business in which one person provides the permanent finance and, in return, has full control of the business and is able to keep all of the profits
What is a sole trader?
Sector comprised of organizations accountable to and controlled by central or local government (the state)
What is (the/a) public sector?
economic resources are owned largely by the private sector with very little state intervention
What is free-market economy?
The provision of very small loans by specialist finance businesses, usually not traditional commercial banks
What is/are microfinance/microfinance institution(s)?
economic resources are owned and controlled by both private and public sectors
What is mixed economy?
The sale of public sector organizations to the private sector
The three objectives of social enterprises: economic, social and environmental
What is triple bottom line?
a group of people acting together to meet the common needs and aspirations of its members, sharing ownership and making decisions democratically.
What is a cooperative?
a small to medium-sized business that is owned by shareholders who are often members of the same family; this company cannot sell shares to the general public
What is a private limited company?
a legally constituted body with no participation or representation of any government which has a specific aim and purpose, e.g. supporting disadvantaged groups in developing countries or advocating the protection of human rights.
What is a non-governmental organization (NGO)?
any organization that has aims other than making and distributing profit and which is usually governed by a voluntary board
the only potential loss a shareholder has if the company fails is the amount invested in the company, not the total wealth of the shareholder
What is limited liability?
a certificate confirming part ownership of a company and entitling the shareholder to dividends and certain shareholder rights
an organization set up to raise money to help people in need or to support causes that require funding
What are/is charities/a charity?
Firms that provide services to consumers and other businesses, such as retailing, transport, insurance, banking, hotels, tourism and telecommunications
What is tertiary sector (business activity)?
individuals or institutions that buy/own shares in a limited company
What is/are shareholder/shareholders?
Investment by private sector organizations in public sector projects
What is Private Finance Initiative (PFI)?
the driving force of business, provided by risk-taking individuals, which combines the other factors of production into a unit that is capable of producing goods and services.
What is enterprise?
The finance needed to set up a business and pay for its continuing operations as well as all of the man-made resources used in production.
What is capital?
The business function that has the responsibility for ensuring adequate resources are available for production, maintaining production and quality levels and achieving high levels of productive effeiciency.
What is operations management?
Involvement of the private sector, in the form of management expertise and/or financial investment, in public sector projects aimed at benefiting the public
What is public-private partnership (PPP)?