IB Business and Management

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Presentation transcript:

IB Business and Management 1.2 Private Sector and Public Sector

Learning Outcomes Distinguish between organizations in the private and public sector

The Basic Economic Problem….. Human wants are unlimited but resources are limited

The 3 Economic Questions…. What to produce? How to produce it? For whom to produce? Who makes these decisions?

It depends…… In reality, most economies are mixed economies

Ownership of Business in a mixed economy Ownership Types Private Sector Public Sector Unincorporated Sole Trader Partnership Incorporated Private Limited Company Public Limited Company Public Corporations Local Authorities Central Government depts

Public Sector Organisations Organisations owned and controlled by the state or government Objectives • Provide an essential service • Provide it cheaply or free of charge, therefore it is available to everybody • They are generally beneficial to society.

Private Sector Organisations Organisations owned and controlled by private individuals and organisations e.g. Top Shop, Virgin, British Telecom Objectives - To survive in a competitive market - To maximise their profits - To make returns for their shareholders (dividends)

Questions…. Why does the public sector exist so some extent in all countries?

Introducing…… Milton Friedman Watch the video….. The free lunch myth To what extent do you agree with his views?

Privatisation….. What is Privatisation? Watch the videos…. Think about the following questions: What examples are given of organisations that have been privatised What are the benefits of privatisation? What are the drawbacks/problems of privatisation? What conditions are necessary for privatisation to be a success? Is it possible to privatise all organisations? Why/Why not?

Plenary….. 3,2,1 Give 3……. Differences between private and public sector organisations Give 2……. Arguments for privatisation Give 1 ……. Problem that could result from privatisation