Unit 1
Assignment 1
Introduction
BBC Apple
Public sector (pub sec)
The public sector is just one of the three sectors a business is established into
after its creation. Businesses are divided into each sector based on how and who
funds them. Public sector for example is defined as “the part of the economy
that is controlled by the state” by oxford dictionary. When it comes to the public
sector a business must be funded by either a local government, national
government, departments, agencies or public corporations to be classified as a
public sector business. Some examples of some well-known pub sec businesses
are big companies such as The Bank Of England, British Broadcasting corporation
(BBC), National health service (NHS) and Gov.uk. All these businesses are funded
by the national government and as a result are classified as public sector
businesses as there funding will have come from resources such as government
grants and taxpayer pounds that fund the business.
Private sector (priv sec)
The second sector I will talk about is the private sector a sector of the market
that is funded and controlled by individuals and shareholders that finance the
business through private money from shareholders, loans and investors. the
private sector is broken up further into a subclass depending on who and how
many people run their business, these classifications are Sole trader,
partnership, private limited, public limited, franchise and worker and producer
co-operatives. Oxford dictionary describes the private sector as “the part of the
economy that is not under direct state control”.
BBC
