IB Year 1: 1.2 Vocab

Front

Organisations controlled by government (state)

Back

Public sector

Front

Businesses owned and controlled by individuals or groups.

Back

Private sector

Front

Economic resources are owned and controlled by both private and public sectors.

Back

Mixed Economy

Front

Economic resources are mainly owned by the private sector with minimal state intervention.

Back

Free-market economy

Front

Sale of public sector to private sector

Back

Privatization

Front

Business owned by the state (nationalized industry)

Back

Public Corporation

Front

A business where one person provides permanent finance, has full control, and keeps all profits.

Back

Sole trader

Front

Business formed by 2+ people with shared capital and responsibilities?

Back

Partnership

Front

Individuals or institutions that buy/own shares in a limited company are called?

Back

Shareholders

Front

3 objectives of social enterprises?

Back

Economic, social and environmental