BTEC BUSINESS UNIT 1, Questions and answers, 100% Accurate, Graded A+ Business - ✔✔-An organisation or economic

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BTEC BUSINESS UNIT 1, Questions and answers, 100% Accurate, Graded A+ Business - ✔✔-An organisation or economic system where goods & services are exchanged for money. Private sector - ✔✔-t... he part of the economy that involves the transactions of individuals and businesses Public sector - ✔✔-the part of the economy that is controlled by the government Not for profit sector - ✔✔-A business dedicated to furthering a particular social cause or advocation for a shared point of view Sole trader - ✔✔-A business in which one person provides the permanent finance and, in return, has full control of the business and is able to keep all of the profits Partnership - ✔✔-a business organization owned by two or more persons who agree on a specific division of responsibilities and profits Private limited company - ✔✔-A business owned by shareholders with limited liability but whose shares cannot be bought by or sold to the general public. Public limited company - ✔✔-A limited company whose shared are freely sold and traded cooperative - ✔✔-a business organization owned and operated by a group of individuals for their mutual benefit limited liability - ✔✔-A form of business ownership in which the owners are liable only up to the amount of their individual investments. unlimited liability - ✔✔-The owner is personally and fully responsible for all losses and debts of the business Primary sector - ✔✔-The portion of the economy concerned with the direct extraction of materials from Earth's surface, generally through agriculture, although sometimes by mining, fishing, and forestry. Secondary sector - ✔✔-the part of the economy that transfo [Show More]

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