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Define the following terms: (a) Unlimited liability (b) Competitor pricing (c) plc (d) Public sector

Define the following terms:
(a) Unlimited liability
(b) Competitor pricing
(c) plc
(d) Public sector

Answers

Lydia
(a) Unlimited liability
The debts of the business can extend to personal possessions. House, car can be used to pay debts

(b) Competitor based pricing
A pricing policy that considers the prices which competitors are charging for the same goods

(c) plc
Public limited company owned by shareholders and controlled by a board of directors. Can trade on the Stock Exchange. Requires a large amount of capital. Members of the public can buy shares.

(d) Public sector
The sector in the economy that is controlled by the government for the benefit of the people.
Financed by the Government through the Treasury and rates. Aim is to provide a service.
lydiajane74 answered the question on July 22, 2018 at 20:42

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