Definition, Meaning & Synonyms

private-industry

noun

/ˈpraɪ.vɪt ˈɪn.də.stri/

Definition

The sector of the economy that is owned and operated by private individuals or organizations rather than the state.

Examples

The private industry has seen significant growth over the last decade.
Many people prefer to work in the private industry for higher salary opportunities.
Innovations are often driven by competition within the private industry.

Meaning

Private industry refers to businesses and organizations that are not controlled by the government and operate for profit. This sector includes various industries such as manufacturing, services, and retail, among others.