Answer:
3. a) A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. Businesses can be for-profit entities or non-profit organizations. Business types range from limited liability companies, sole proprietorships, corporations, and partnerships.
b) Public sector, portion of the economy composed of all levels of government and government-controlled enterprises. It does not include private companies, voluntary organizations, and households.
c) In economics, a public good is a good that is both non-excludable and non-rivalrous. For such goods, users cannot be barred from accessing or using them for failing to pay for them. Also, use by one person neither prevents access of other people nor does it reduce availability to others. Examples of public goods include law enforcement, national defense, and the rule of law. Public goods also refer to more basic goods, such as access to clean air and drinking water.
d) The economics concept of a merit good, originated by Richard Musgrave, is a commodity which is judged that an individual or society should have on the basis of some concept of benefit, rather than ability and willingness to pay. Examples of merit goods include education, health care, welfare services, housing, fire protection, refuse collection and public parks. In contrast to pure public goods, merit goods could be, and indeed are, provided through the market, but not necessarily in sufficient quantities to maximise social welfare.
e) A public service is a service intended to serve all members of a community. Public services include services provided by a government to people living within its jurisdiction, either directly through public sector agencies or by financing provision of services by private businesses or voluntary organizations. Examples are the business of supplying a commodity (such as electricity or gas) or service (such as transportation) to any or all members of a community, a service rendered in the public interest, governmental employment especially : civil service.
f) Examples of organizations in the private sector include:
- Sole Proprietors: Designers, Developers, Plumbers, Repairmen.
- Partnerships: Dentistry, Legal, Accounting, Tax.
- Small and Medium-sized Businesses: Retail, Hospitality, Food, Leisure, Legal Services.
- Large Multinationals: Apple, Tesla, Disney, Procter & Gamble, PepsiCo.
g) Here are some examples of public organizations.
- Education.
- Law enforcement.
- Justice.
- Military.
- Electricity.
- Healthcare.
- Public transit.
- Public roads.