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In economics, the business sector or corporate sector - sometimes popularly called simply "business" - is "the part of the economy made up by companies".[need quotation to verify] It is a subset of the domestic economy, excluding the economic activities of general government, of private households, and of non-profit organizations serving individuals. An alternative analysis of economies, the three-sector theory, subdivides them into:
- the primary sector (producing raw materials)
- the secondary sector (carrying out manufacturing)
- the tertiary sector (providing sales and services)
In the United States the business sector accounted for about 78 percent of the value of gross domestic product (GDP) as of 2000[update]. Kuwait and Tuvalu each had business sectors accounting for less than 40% of GDP as of 2015[update].
The Oxford English Dictionary records the phrase "business sector" in the general sense from 1934. Word usage suggests that the concept of a "business sector" came into wider use after 1940. Related terms in previous times included "merchant class" and "merchant caste".
- 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.
- Compare: "business sector". Oxford English Dictionary (3rd ed.). Oxford University Press. September 2005. (Subscription or UK public library membership required.) - "that part of the economy which is related to (a particular) business".
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 [...].
- "BLS Information". Glossary. U.S. Bureau of Labor Statistics Division of Information Services. February 28, 2008. Retrieved 2009-05-05.
- 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.
"1: Overview: Opportunities and challenges for Myanmar". OECD Development Pathways Multi-dimensional Review of Myanmar. 3: From Analysis to Action. Paris: OECD Publishing. 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.
- "business sector". Oxford English Dictionary (3rd ed.). Oxford University Press. September 2005. (Subscription or UK public library membership required.)
- Google Ngram Viewer
- Business sector: Productivity, hourly compensation, unit labor costs, and prices, seasonally adjusted, Bureau of Labor Statistics
- Regulatory Information by Business Sector, U.S. Environmental Protection Agency
- Business Sector, CDC
- , Department for Business, Innovation and Skills
- Your business sector, Business Link
- Business Sectors, UK Trade & Investment
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