Question

Industry owned by one individual is
called a​

Answer 1

ANSWER

Private industry

EXPLANATION

The industries which are controlled by individuals or a group of people and are not funded by government are called private industry.

OTHERS

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Answer 2

Industry owned by a single individual is called a sole proprietorship.

• In a sole proprietorship, the single individual not just owns the industry, but also solely controls it and handles all of its operations.
• The individual alone would be the beneficiary of all the earnings.
• At the same time, it is the individual alone who has to bear all the risks.
• This kind of ownership is mostly seen in the case of small or newly emerging industries.