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Business Organizations : Business Organization

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Business the AA Name: Jamal Kelly Institution: Redbridge College Business Organization A business is an organization that undertakes the exchange of goods or services for monetary gain. An economic system refers to the manner in which a nation or state is organized in the exchange of goods and services, production and allocation of resources. The economy is made up of three sectors; the private sector, public sector and voluntary sector. The private sector is made up of private enterprises including the personal sector or the households and the corporate sector or private companies. The private sector is not state controlled and is run by companies or individuals for profit. Examples of UK-based private companies include Ineos, Greenergy, European metal recycling, and Arcadia Group. The public sector is the part of the economy that is run by the government. The sector is mainly concerned with the provision of government services and consists of public companies and corporations. The UK public sector consists of the different ministries such as the Education, Housing and Healthcare ministries. The voluntary sector or community sector is made up of nonprofit organizations and charities whose activities are voluntary, social based, non-governmental and nonprofit. Examples of the nonprofit organizations include the Museums Association, Relief International UK and Social Issues Research Centre. Types of business organizations Types of business organizations

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