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why businesses exist
objectives, public and private sectors
| Question | Answer |
|---|---|
| what is the most important objective? | to make a profit in order to survive. business will go bankrupt and have to close down if it doesn't survive. |
| what are some other objectives? | biggest in their market |
| highest quality product possible | |
| maximize profit, sales or wealth creation | |
| stability - maintaining market share or a reasonable income | |
| expanding | |
| being independent, satisfying customers, trying to limit the environmental damage caused | |
| what are objectives influenced by? | size and type of the business |
| why would businesses have to change their objectives? | economic situation or conflicts of interest within the business |
| which businesses don't aim to make a profit? | those in the public sector, and charities |
| what is the main money-related objective to charities or businesses in the public sector? | achieve a surplus - earn enough income to cover their costs and put back into the business. |
| what are the two economy sectors? | public private |
| what does the public sector include? | everything owned by the government |
| examples of public sector? | army, police force, schools, hospitals |
| what does public mean? | businesses are run for the benefit of everyone |
| what does the private sector include? | all businesses owned by private individuals |
| examples of private sector? | almost all businesses |
| what does private mean? | businesses are run for the benefit of people who own them |
Created by:
jirwin
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