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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".[1][need quotation to verify][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]

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".

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  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 (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".
  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. ^ a b "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. 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 (3rd ed.). Oxford University Press. September 2005. (Subscription or UK public library membership required.)
  8. ^ Google Ngram Viewer

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