OUR ECONOMY

WHAT IS THE ECONOMY When people are talking about the economy they are talking about

everything that is available to us.

This could be things like natural resources like wood and coal or looking at the workers that is available.

Economy also describes what we do with it all.

UK economy is just one example of what we do with it all.

PARTS OF THE ECONOMY Our economy is made up of different parts. These parts are:

The private sector The public sector The voluntary sector

THE PRIVATE SECTOR This part of the Economy consists of people putting finance into business

in hope it makes profit.

This can be large companies like Microsoft or Marks and Spencer,

Or it can be small like local shops or window cleaners.

THE PUBLIC SECTOR This is part of our economy that consists of organisations that run,

controlled and paid for by the government.

This includes most schools, hospitals, libraries and road maintained.

Some of the profits and wages earned in all sectors are taken by the government to provide from these services. This is called Tax.

The government also taxes items we buy and raised finance in that way, for example VAT.

THE VOLUNTARY SECTOR This part of our economy consists of charities, such as Oxfam, aiming to

raise awareness and finance for a good cause.

This voluntary sector also includes organisations not existing to make a profit but rather to provide a service for members. Good example is a local tennis club.

PUBLIC, PRIVATE OR VOLUNTARY?

James Gillespie's High School

Public Sector

PUBLIC, PRIVATE OR VOLUNTARY?

Private Sector

PUBLIC, PRIVATE OR VOLUNTARY?

Voluntary Sector

PUBLIC, PRIVATE OR VOLUNTARY?

Fire Service

Public Sector