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Sectors in Business - Coggle Diagram
Sectors in Business
Public Sector
Public sector- Organisations owned or controlled by national governments or local authorities are run for the benefit of the whole nation or the local area and operate in the PUBLIC SECTOR.
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-Formulate government policies - e.g. fiscal, monetary, health
-Create economic stability – e.g. taxes, public spending
-Private public services - e.g. NHS, education
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Local Authorities- Local infrastructure, health services, environmental services, education, economic development.
Local government act 2002-' is responsible for the economic, social and environmental wellbeing of the area'
Private Sector
Definition- a term used to describe businesses ranging in size and structure, owned and controlled by an individual or groups, run from profit making activities.
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Business Characteristics
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Mission Statement- a short description of the essence of the organisation, which states why it exists and what it stands for in a few a few words as possible.
Vision Statement- a description of what the organisation is seeking to achieve. It paints a picture of the future that the organisation is trying to create.
Not For Profit
Organisations operating in the not-for-profit sector/ voluntary sector are often described as third sector organisations.
Definition- The third sector is a common term used to describe organisations operating NOT FOR PROFIT / VOLUNTARY and philanthropic style business activities.
However, organisations from other sectors can now be considered to be operating in the third sector , depending on the reason they were set up in the first place.
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