Public, Private and Global Enterprises Flashcards

Vocabulary flashcards covering key concepts from Class 11 Business Studies on Public, Private, and Global Enterprises.

Public Sector

Business enterprises that are owned and managed by the government.

Private Sector

Business enterprises that are owned and managed by private individuals or companies.

Mixed Economy

An economic system followed by India where both public and private sectors work together for the country's development.

Departmental Undertaking

The oldest form of public sector enterprise, which is owned, managed, and controlled by the Government through a department and has no separate legal entity.

Public Corporation / Statutory Corporation

A body corporate formed by a special Act of Parliament or State Legislature with a separate legal entity, perpetual succession, and financed by the government.

Government Company

An association formed and registered under the Companies Act, 2013 in which not less than 51% of the paid-up share capital is held by the Central Government, State Government(s), or partly by both.

Multinational Corporation (MNC)

A business enterprise that owns or controls production or provides services in more than one country other than its home country.

Joint Venture

An agreement between two or more parties to undertake a specific business activity by sharing resources, risks, and rewards.

Public Private Partnership (PPP)

A collaborative arrangement between the government and private sector organizations to deliver a service or develop infrastructure for public benefit with shared risks, resources, and rewards.

Liberalisation (1991)

Economic reform introduced in 1991 in India where the government reduced licensing restrictions and encouraged greater participation of the private sector.

Parent Company

The headquarters of a Multinational Corporation located in its home country that controls and coordinates its global business activities.

Comptroller and Auditor General (CAG)

The official authority generally responsible for auditing the accounts of Public Corporations.