BUSINESS

Public Sector- comprises organization accountable to and controlled by the central or local government. (THE STATE) Private Sector - comprises business owned and controlled by individuals or groups of individuals. Mixed Economy - economy resources are owned and controlled by both private and public sectors. Free market Economy economic resources are owned largely by the private sector with very little state intervention. Command economy- economic resources are owned, planned and controlled by the state. Privatisation - The sale of public organization to private organization. Public Corporation - business enterprise owned d controlled by the state -also known as nationalized industry or public sector enterprise.  Sole Trader - a business in which one person provides he permanent finance and in return, s full control of the business and is able to keep all the profits.  

SOLE TRADER Advantages Full control Profit retention Private data Specialist Personal Flexible Disadvantages Unlimited liability Finance Reverse economics of scale Desicion making