Private & Public Sector Organisations

• What is the main focus of private sector organizations?

  To earn profit for owners
• What is the primary purpose of public sector organizations?

  To provide goods and services to the public
• What happens to a private bank during a financial crash, as illustrated in the study material?

  It can be taken into public ownership
• How are private sector businesses typically owned?

  By private individuals or companies
• What type of funding do public sector organizations primarily rely on?

  Government funding
• What are the key differences between private and public sector organizations?

  • Private sector: Owned by individuals or companies, profit-driven
  • Public sector: Owned or funded by government, service-oriented
• What is the role of local and central government in public sector organizations?

  They provide goods and services on behalf of the public
• What is the status of the World Bank of Scotland at the time of recording?

  It is a nationalized business
• Why might a public sector organization run for profit?

  To earn a profit while serving the public
• How does the ownership of private sector businesses differ from public sector organizations?

  Private sector is owned by individuals; public sector by government