Business sector Meaning: Definition, Examples, and Translations
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business sector
[ˈbɪznəs ˈsɛktər ]
Definition
economy
A specific division or segment of the economy in which businesses operate. The business sector encompasses all types of businesses, from small local shops to multinational corporations.
Synonyms
commercial sector, corporate sector, industry sector.
Which Synonym Should You Choose?
| Word | Description / Examples |
|---|---|
| business sector |
Refers broadly to the segment of the economy composed of companies, enterprises, and businesses in general. This term is often used in discussions about the overall economic environment or business trends.
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| commercial sector |
Usually refers to the part of the economy involved in the buying and selling of goods and services. This can include both retail and wholesale businesses and is often mentioned when discussing trade or commerce.
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| industry sector |
Pertains to specific categories of economic activity, such as the tech industry, automotive industry, etc. It's often used to zoom in on particular fields of business.
|
| corporate sector |
Spans large-scale companies and corporations, particularly those that are publicly traded. This term is useful when discussing corporate policies, executive decisions, and matters related to publicly-held companies.
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Examples of usage
- The business sector in the United States is diverse and includes a wide range of industries such as technology, finance, and healthcare.
- The business sector plays a crucial role in driving economic growth and creating job opportunities for the workforce.
Translations
To see the translation, please select a language from the options available.
Interesting Facts
Economic Significance
- The business sector is a major driver of employment, often contributing to economic growth through job creation.
- Small businesses comprise over 90% of all businesses in many countries, showcasing their importance in local economies.
- The service sector has become the largest part of the economy in many developed nations, emphasizing a shift from manufacturing to providing services.
Trends and Innovations
- The rise of technology has led to the emergence of the digital business sector, where online services and e-commerce flourish.
- Sustainable business practices are gaining momentum, with many sectors now focusing on eco-friendly operations.
- Remote work has transformed the landscape of various business sectors, allowing for more flexible working arrangements.
Social Impact
- Different business sectors can affect society in various ways, from providing essential goods to influencing culture and lifestyle.
- Corporate social responsibility initiatives have become a significant focus, highlighting how businesses contribute to community well-being.
- The gig economy is reshaping traditional business sectors by supporting flexible, freelance work opportunities.
Pop Culture
- Movies and TV shows often depict characters working in various business sectors, shaping public perceptions of different careers.
- Reality television shows like 'Shark Tank' highlight entrepreneurship and the challenges within various industry sectors.
- Books on business strategies often become bestsellers, influencing how people view and engage with different business areas.
Origin of 'business sector'
Main points about word origin
- The word 'business' comes from the Old English word 'bisig', which means 'occupied' or 'busy'.
- The term 'sector' originates from the Latin word 'sectare', meaning 'to cut' or 'to divide', reflecting how the economy is divided into different areas.
The term 'business sector' emerged in the mid-20th century as a way to differentiate the commercial activities of companies from other sectors of society. With the rise of industrialization and globalization, the concept of a distinct business sector gained prominence as businesses became more organized and structured. Today, the business sector is a vital component of the economy, driving innovation, competition, and growth.