business basics revision session
DESCRIPTION
Lesson 1 - 12 Jan 2010 Basic concepts Private Sector VS Public Types of Business Ownership The One ShowTRANSCRIPT
Tuesday, 12 January 2010Objectives
• Sit with someone who is on the other paper to you
• Mock results poor for some students• People struggling with the basics• School boy errors• 15 weeks to the exam
BBC
Library
Subway
Barclays Bank PLC
Shep’s Sheep Shearing LTD
ASDA PLC
Debden Park High School
Forest Independent School
54321...
• 54321......• 5 – Types of business ownership• 4 – Objectives of a business• 3 – Reasons a business would want to grow• 2 – Reasons the EU helps a business• 1 – Economy of scale
Types of business ownership
• ST – A sole trader is owned by one person. They have unlimited liability. An example of this would be Tracey’s Hairdresser.
• Partnership - A business owned by 2 to 20 people. They have unlimited liability unless they have LTD after their name. An example of a partnership would be the estate agent Bestow and Eves.
• LTD – A private limited company. They have limited liability. Shares are not openly traded. An example of this is Harrods LTD.
• PLC• Franchise• Coop
3 Marks.One for definition.One for extra infoOne for example
The difference between a private business and a public business is that a public business is owned by the Govt. A private is owned by
specific people.
The difference between a PLC and a public sector business is when shareholders can buy shares in a business. Public sector is owned by the Govt. E.g..