When the government gives up its ownership and control of a business to individuals, this is known as

When the government gives up its ownership and control of a business to individuals, this is known as privatization. Privatization is the process of transferring ownership and control of government-owned enterprises to private individuals or organizations. This means that the government sells all or part of its stake in a business to private individuals or organizations, who then become the new owners and are responsible for managing the business. The goal of privatization is to increase efficiency and profitability in the business, reduce the government's financial burden, and promote competition in the economy.