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ⓘ Business sector. In business, the business sector or corporate sector - sometimes popularly called simply business - is the part of the economy made up by compa ..




Business sector
                                     

ⓘ 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". 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. Kuwait and Tuvalu each had business sectors accounting for less than 40% of GDP as of 2015.

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".