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1 2 Types Of Organization Outline

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1.2 Types of Organization

Key words

Notes

1. Distinguish between organizations in the private and public sectors.


Businesses can be classified as being in the public sector or the private sector Private sector businesses are owners and/or controlled by private individuals o Efficiency gain o Lower costs of production o Increased choice o Incentives to innovate o Less financial burden o Source of government revenue Public sector businesses are owned and/or controlled by the government o To ensure that everyone has access to basic services o To avoid wasteful competition o To protect citizens and businesses through institutions o To reduce unemployment

2. Analyse the relationship between organizations in the private and public sectors.

Public sector can
o Supply the services themselves
o Allow private firms to tender to provide these services
o Form a public-private sector partnership to supply these services
Public goods o Products that are enjoyed by the general public but are unlikely to be provided without government intervention o No necessarily produced in the public sector o Funded by the government o Characteristics
 Non-rivalry
 Non-excludability
 Non-rejectable Merit goods
o Products that yield higher social benefits of consumption than private benefits to an individual

3. Explain the reasons for setting up a business.







Growth Earnings Transference and inheritance Challenge Autonomy Security Hobbies

4. Explain the process a business will have to go through to start up

Factors to consider

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