economics Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes ...

, the business sector or corporate sector - sometimes popularly called simply "business" - is "the part of the economy made up by

companies A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared go ...

". It is a subset of the domestic economy, excluding the economic activities of general

government A government is the system or group of people governing an organized community, generally a state. In the case of its broad associative definition, government normally consists of legislature, executive, and judiciary. Government is ...

, of private households, and of

non-profit organization A nonprofit organization (NPO) or non-profit organisation, also known as a non-business entity, not-for-profit organization, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit, in co ...

s serving individuals. The business sector is part of the private sector, but it differs in that the private sector includes all non-government activity, including non-profit organizations, while the business sector only includes business that operate for profit. In the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...

the business sector accounted for about 78 percent of the value of

gross domestic product Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjective nature this measure is oft ...

(GDP) .

Kuwait Kuwait (; ar, الكويت ', or ), officially the State of Kuwait ( ar, دولة الكويت '), is a country in Western Asia. It is situated in the northern edge of Eastern Arabia at the tip of the Persian Gulf, bordering Iraq to the nort ...

and

Tuvalu Tuvalu ( or ; formerly known as the Ellice Islands) is an island country and microstate in the Polynesian subregion of Oceania in the Pacific Ocean. Its islands are situated about midway between Hawaii and Australia. They lie east-nor ...

each had business sectors accounting for less than 40% of GDP . In systems of

state capitalism State capitalism is an economic system in which the state undertakes business and commercial (i.e. for-profit) economic activity and where the means of production are nationalized as state-owned enterprises (including the processes of capital ...

, much of the business sector forms part of the

public sector The public sector, also called the state sector, is the part of the economy composed of both public services and public enterprises. Public sectors include the public goods and governmental services such as the military, law enforcement, inf ...

. In mixed economies, state-owned enterprises may straddle any divide between public and business sectors, allowing analysts to use the concept of a "state-owned enterprise sector". The

Oxford English Dictionary The ''Oxford English Dictionary'' (''OED'') is the first and foundational historical dictionary of the English language, published by Oxford University Press (OUP). It traces the historical development of the English language, providing a co ...

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.Google Ngram Viewer
Related terms in previous times included "

merchant class The bourgeoisie ( , ) is a social class, equivalent to the middle or upper middle class. They are distinguished from, and traditionally contrasted with, the proletariat by their affluence, and their great cultural and financial capital. The ...

" and "

merchant caste Vaishya (Sanskrit: वैश्य, ''vaiśya'') is one of the four varnas of the Hindu social order in India. Vaishyas are classed third in the order of caste hierarchy. The occupation of Vaishyas consists mainly of agriculture, taking care ...

References

External links

United States

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 The Environmental Protection Agency (EPA) is an Independent agencies of the United States government, independent executive agency of the United States federal government tasked with environmental protection matters. President Richard Nixon pro ...

Business Sector
CDC

United Kingdom

Department for Business, Innovation and Skills
Your business sector

Business Link Business Link was a government-funded business advice and guidance service established in England in 1992. It consisted of an online portal managed by HM Revenue and Customs (HMRC) and a national telephone helpline. The service's network of ...

Business Sectors

UK Trade & Investment , type = Non-ministerial government department , nativename = , nativename_a = , nativename_r = , logo = UKtrade.svg , logo_width = 190px , logo_caption = , seal = , seal_width = , seal_caption = , picture = Department for Business, Enter ...

* E Business Private sector {{business-stub

See also

References

External links

United States

United Kingdom