Business sector

In business, the business sector or corporate sector - sometimes popularly called simply "business" - is "the part of the economy made up by companies".[1][2] It is a subset of the domestic economy,[3] excluding the economic activities of general government, of private households, and of non-profit organizations serving individuals.[4] An alternative analysis of economies, the three-sector theory, subdivides them into:[5]

Not to be confused with private sector or division (business).
Economic sectors
Three-sector model
Primary sector: raw materials
Secondary sector: manufacturing
Tertiary sector: services
Additional sectors
Quaternary sector: information services
Quinary sector: human services
Theorists
AGB Fisher · Colin Clark · Jean Fourastié
Sectors by ownership
Business sector · Private sector · Public sector · Voluntary sector

In the United States the business sector accounted for about 78 percent of the value of gross domestic product (GDP) as of 2000.[4] Kuwait and Tuvalu each had business sectors accounting for less than 40% of GDP as of 2015.[6]

The Oxford English Dictionary records the phrase "business sector" in the general sense from 1934.[7] Word usage suggests that the concept of a "business sector" came into wider use after 1940.[8] Related terms in previous times included "merchant class" and "merchant caste".

See also

References
  1. Longman Business English Dictionary. Such a definition might include State-owned enterprises - compare: Freeman, John R. (1989). Democracy and Markets: The Politics of Mixed Economies. Cornell studies in political economy, ISSN 2472-1433. Ithaca: Cornell University Press. p. 117. ISBN 9780801496011. Retrieved 12 June 2019. In addition, party activists recognize the instrumental value of state-owned enterprise, and in some instances they are directly involved in supervising the operation of the state business sector.
  2. Compare: "business sector". Oxford English Dictionary (Online ed.). Oxford University Press. (Subscription or participating institution membership required.) - "that part of the economy which is related to (a particular) business".
  3. But compare Keese, Mark; Salou, Gérard; Richardson, Pete (1991). The measurement of output and factors of production for the business sector in OECD countries: the OECD business sector database. OECD Department of Economics and Statistics working papers. 95–101. Organisation for Economic Co-operation and Development. p. i. Retrieved 2015-06-07. [...] recent work of the OECD Economics and Statistics Department to construct an international Business Sector Data Base (BSDB) for use in a wide variety of analyses of production and supply issues [...].
  4. "BLS Information". Glossary. U.S. Bureau of Labor Statistics Division of Information Services. February 28, 2008. Retrieved 2009-05-05.
  5. Staroske, Uwe (1995). Die Drei-Sektoren-Hypothese: Darstellung und kritische Würdigung aus heutiger Sicht [The Three-Sector-Hypothesis: Presentation and Critical Appraisal from a Contemporary View]. Wirtschaftswissenschaften, Theorie und Forschung (in German). 36. Roderer. ISBN 9783890738529. Retrieved 12 June 2019.
  6. "1: Overview: Opportunities and challenges for Myanmar". OECD Development Pathways Multi-dimensional Review of Myanmar. 3: From Analysis to Action. Paris: OECD Publishing (published 2016). 23 June 2016. p. 29. ISBN 9789264256545. Retrieved 2017-12-27. The countries that have general government revenue more than 60% of GDP are Kiribati, Kuwait, Lesotho, Micronesia and Tuvalu. Source: IMF (2015), World Economic Outlook (database), International Monetary Fund.
  7. "business sector". Oxford English Dictionary (Online ed.). Oxford University Press. (Subscription or participating institution membership required.)
  8. Google Ngram Viewer

United States

United Kingdom


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