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Commerce Notes Igcse Edexcel

Public sector organizations are owned and controlled by governments to provide services to the public, while private sector organizations are owned by individuals or groups seeking profits. Private sector examples include sole traders which are owned and controlled by a single individual who assumes unlimited liability, as well as partnerships, public limited companies, and private limited companies. Sole traders have advantages like quicker decision making since they do not need consultation, and enjoying all profits.

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Commerce Notes Igcse Edexcel

Public sector organizations are owned and controlled by governments to provide services to the public, while private sector organizations are owned by individuals or groups seeking profits. Private sector examples include sole traders which are owned and controlled by a single individual who assumes unlimited liability, as well as partnerships, public limited companies, and private limited companies. Sole traders have advantages like quicker decision making since they do not need consultation, and enjoying all profits.

Uploaded by

Nabeela Naeem
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Commerce notes igcse edexcel

Business organizations: An organization that uses resources to produce goods and serives in
order to satisfy the needs and wants of consumers

What are the two types of business organzations?


-private sector organizations and public sector organizations

what is a public sector organization?


these are the organizations that are owned and controlled by the government. Their main aim
is to provide services to the general public.

what is a public sector organization?


these are businesses that are owned and controlled by individuals or groups of individuals in
the aims of making profits.

what are some examples of bsiness that run under the private sector organization?
sole trader, partnership, public limited companies, and private limited companies

what/who is a sole trader?


a business that is owned and controlled by only one individual who is taking a risk in investing
innthe business as the business has unlimited liability.

Advantqages of being a sole trader


decision making would be relatively quicker whne compared w other business as sole traders
do not have to consuklt w anyone in order to make decisions
gets t enjoy all the profits

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