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19 Cards in this Set
- Front
- Back
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Private sector
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comprises businesses owned and controlled by individuals or groups of individuals
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Public sector
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comprises organizations accountable to and controlled by central or local government
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Mixed economy
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economic resources are owned and controlled by both private and public sector
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Free market economy
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economic resources are largely owned by the private sector with very little state intervention
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Command economy
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economic resources are owned, planned and controlled by state
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Entrepreneur
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someone who takes the financial risks of starting and managing a new venture
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Sole trader
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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
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Partnership
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a business formed by two or more people to carry on a business together, with shared capital and, usually, shared responsibilities
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Limited liability
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the only liability- or potential loss- a shareholder has if the company fails is the amount invested in the company, not the total wealth of the shareholders
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Private limited companies
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a small to medium size business that is owned by shareholders who are often member of the same family. This company cannot sell shares to the general public
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Shareholder
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a person or institution owning shares in a limited company
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Public limited company (PLC)
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a limited company, often a large business, with the legal right to sell shares to the general public. Its share prices is quoted on the national stock exchange
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Share
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a certificate confirming part ownership of a company entitling the shareholder to dividends and certain shareholder rights
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Public corporation
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a business enterpriser owned and controlled by the state – also known as a nationalized industry
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Non-profit organization
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any organization that has aims other than making and distributing profit and which is usually governed by a voluntary board
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Non-governmental organization (NGO)
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a legally constituted body with no participation or representation of any government
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Pressure group
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an organization created by people with a common interest or objective who lobby businesses and government to change policies so that the objective is reached
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Social enterprise
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a business with mainly social objectives that reinvests most of its profits into benefiting society rather than maximizing returns to owners
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Triple bottom line
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the three objectives of social enterprises: economic, social and environmental
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