Private sector:
| the part of the economy owned and controlled by individuals and organisations |
| Public sector: | the part of the economy controlled by the government |
| Sole trader: | a business with one owner |
| Partnership: | where 2 20 people jointly own a business |
| Private limited company: | a business which can have any number of owners (called shareholders). The shareholders will know each other. The shareholders have limited liability |
| Public limited company: | a business which can have any number of owners (called shareholders). The shares of this company are sold on the stock market, where any member of the public can buy them. The shareholders have limited liability |
| Public corporation: | an organisation controlled by the government. Public corporations sell a product or a service and must get at least 50% of their income from sales |
| Municipal undertaking: | an activity controlled and operated by a local council. These are funded by local government but can also increase their income by charging for certain services, eg leisure centres |
| Trust: | a public sector organisation with a degree of independence. This independence allows the organisation to manage its own budget and make its own decisions |
| Public private partnerships: | a joint venture between a public organisation and a privately owned company |
