Question

A _____________ is one which is owned by an individual or a group of people.
A. Agro-based industry
B. Mineral-based industry
C. Private industry
D. Forest-based industry

Answer 1

Hint: The businesses are organized by individuals or a group of people and are not backed by the administration. It contains all for-profit industries that are not possessed or run by the administration.

Complete answer: The private sector is the part of the market, occasionally denoted as the citizen sector, which is possessed by private groups, typically as a way of the initiative for revenue, rather than being possessed by the state. The private sector hires most of the labor force in some nations. In the private sector, events are directed by the motivation to make wages. A 2013 survey by the International Finance Corporation (part of the World Bank Group) acknowledged that $90\% $ of professions in emergent nations are in the private sector. In free venture nations, such as the United States of America, the private sector is broader, and the state puts fewer restrictions on companies. In nations with more government power, such as China, the public sector makes up most of the market. States lawfully adjust the private sector. Industries functioning in a nation must conform to the decrees in that country. In some cases, typically concerning multinational corporations that can select and take their contractors and sites built on their insight into the monitoring atmosphere, local state guidelines have led to the irregular practice in one company.

Thus, option (C) is correct.

Note: There can be adverse effects in the private sector. In the early 1980s, the Corrections Corporation of America forged the idea of running penitentiaries for revenue. Today, corporate-run penitentiaries hold $8\% $ of America's prisoners. Since it is from the private sector, their main precedence isn't reintegration, but revenue. This has led to many human rights violations across the United States.