the part of the UK economy that is operated by businesses owned by shareholders or private individuals
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The Public Sector
the part of an economy that is controlled by the government
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Sole Trader
business owned and operated by one person
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Partnership
a business in which two or more persons combine their assets and skills
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Private Limited Company
a business owned by shareholders with limited liability but whose shares cannot be bought by or sold to the general public
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Public Limited Company
a limited company, often a large business, with the legal right to sell shares to the general public - share prices are quoted on the national stock exchange
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Co-Operative
business wholly owned by its employees with the emphasis on group decision making.
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Friendly Societies
working-class self-help groups to provide insurance, funerals, and social pleasure
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Charities
non-profit social enterprises that provide voluntary support for good causes
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Merit Goods
a product or service that is offered to society on the basis of how deserving it is of public finance, rather than based on profit motives (e.g education and healthcare)
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Non-Rivalry
one consumer using the product or service does not stop other consumers using the same product/service
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