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19 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Private Sector |
A business owned/operated/controlled by an individual There are both non-profit and for-profit |
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Public Sector |
A business owned/operated/controlled by central/local government. Usually non-profit |
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Mixed Economy |
An economic system in which part of the economy is left to the free market (allowing private enterprise to run most business), and part of it is run by the government. |
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Free-Market Economy |
An economic system where the government does not interfere in business activity in any way |
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Command Economy |
A system where the government, rather than the free market, determines what goods should be produced, how much should be produced and the price at which the goods will be offered for sale. Ex) Communist Country like North Korea |
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Privatization |
The transfer of ownership of businesses from a government to a privately owned entity. |
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Sole Trader |
One person trading on his own, controlling and managing the business. |
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Partnership |
A business organization in which two or more individuals manage and operate the business |
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Limited Liability |
Potential loss a share-holder has if the company fails/ the amount invested in the company |
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Private Limited Company |
- A small-medium size of a company that is often run by members of the same family. - Cannot sell shares to the general public |
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Shareholder |
- Any person/company that owns at least one share in a company - Owners of a company |
Potential to profit if the company does well, potential to lose if the company does poorly |
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Share |
A certificate confirming the partial ownership of a business |
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Public-Limited Company |
A large business that has legal right to sell shares to the general public and has limited liability. |
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Limited Company |
A company whose owners enjoy limited liability for the company's debts and losses. The liability of members of the company is limited to what they have invested. ex) United Kingdom |
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Public Corporation |
An organization established to run a nationalized industry or state-owned enterprise. BOD are appointed by a government minister, and the government has overall control |
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Non-profit Organization |
An organization that uses its surplus income to further achieve its purpose or mission. Volunteer works are usually done for free, but sometimes for a little pay. It provides public benefits. |
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NGO(non-governmental organization) |
An organization that is neither a part of a government nor a conventional for-profit business. Usually set up by ordinary citizens. |
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Social Enterprise |
An organization that applies commercial strategies to maximize improvements in human and environmental well-being . ex) income/ job creation |
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PPP (Private-public Partnerships) |
A private sector working with the government to provide both goods and services. Hospitals/ Schools are owned by private sector w/o services becoming privatised. ex) Hong-Kong Disney Land, WHO |
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