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English definition of “private business”

private business

noun
 
 
[C] FINANCE a company that is owned by one person or a small group of people, for example a family, and whose shares are not traded on a stock market: Many of these small private businesses employ fewer than ten people.
[C] ECONOMICS a company that is not owned by the government: private and state-owned businesses
[U] ECONOMICS all the companies that are owned and controlled by one person or a small group of people, considered as a whole: The public sector continues to dominate the country's economy, while an increasing number of restrictions are imposed on private business.
(Definition of private business from the Cambridge Business English Dictionary © Cambridge University Press)
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