Summary
Summary Business Structures
- Institution
- WJEC
Summary for Business structures.
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Business structurePublic sector – Owned and run by the government
Non excludability (no one can be excluded)
Non rivalry (if one person is gaining a good/survive, it doesn’t prevent someone
else from gaining the same good/service)
Merit goods – are goods that are beneficial to us. E.g., education and healthcare. They have
positive externalities. (consumption of merit goods have positive effects on society)
Aims of public sector:
High quality services
Affordable to all
Accessible to all
Private sector – Owned by shareholders or private individuals.
Aims of private sector:
Survival
Profit
Customer satisfaction
Create jobs (expand business and open more stores)
Growth (national or international)
Reduce cost and become efficient
Increase market share
Become environmentally friendly
Sales maximisations
Employee welfare
Social objectives
Non-profit organisations
Charities – established with the aim of collecting money from individuals and spending it on
a cause.
Co-operatives – organisations owned by its members.
Worker co-operatives – owned and controlled by those who work in it.
Social enterprise – Businesses with clear social objectives. (no shareholders)
Trade to help solve social problems, improve the communities they operate in and
improve the environment.
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