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IB Business 1.1+1.2

TermDefinition
Primary Sector Business activity involved w extraction of natural resources
Secondary Sector Business activity involved w manufacturing or construction of finished product, primary sectors output into finished goods
Tertiary Sector Business activity involved w providing services to customers
Quaternary Sector Business activity involving the creation or sharing of information
Private Sector A business owned and ran by private individuals/organizations, usually aiming to earn a profit
Public Sector Controlled bu government, main aim to provide essential goods and services
Coporations Commercial for-profit businesses owned by shareholders
Privately Held Companies Shares cannot be advertised for sale nor sold via stock exchange, most are small businesses w shares owned by family
Advantages of Privately Held Companies Shares cannot be bought/sold w/o agreement of existing shareholders, better control, privacy of finances, limited liability
Disadvantages of Privately Held Companies Need approval of existing shareholders to sell shares, more expensive, higher legal/auditing fees, double taxes
Public Companies Owned by shareholders of the general public, strictly regulated by government
Advantages of Public Companies Easy to raise funds and get loans, limited liability, continuity
Disadvantages of Public Companies Finances available to public, difficult
Social Enterprises Aim to help a social/environmental issue
Types of For-Profit Social Enterprises Private Sector Companies, public sector companies, cooperatives
Types of Social Enterprises For-Profit, Non-Profit, Non-Governmental Organizations
Public Sector Companies Government owned and/or controlled enterprises that operate in a commercial-like way
Public Private Partnership Government and private sector joining together
Private Sector Companies For-profit social enterprises that operate in the private sector, revenue generating company with a purpose of helping a social problem
Microfinance Companies For-Profit social enterprise that offers financial services to people w/o jobs or with low income
Cooperatives For-profit social enterprises owned and run by their members
Non-Profit Social Enterprises Operate in a commercial-like way but don't distribute any profits to owners
Advantages of Non-Profit Social Enterprises Don't have to pay corporate and profits taxes, many qualify for government assistance(grants), positive impact on employees and donors
Disadvantages of Non-Profit Social Enterprises Strict rules, profit depends on the donors, survival is difficult, low salary
Non-Governmental Organization Non-profit that operates in private sector of economy by a voluntary group to promote social cause
Created by: fionapennecke
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