What does it mean to privatize?

The correct answer signifies the process by which a business, service, or asset that is owned by the government is sold or transferred to private individuals or organizations. Privatization typically occurs with the intention of improving efficiency, increasing competition, and reducing government involvement in certain sectors of the economy. By transferring ownership to the private sector, the goals often include enhancing service quality and reducing the burden on government resources.

In contrast, the other options do not accurately reflect the concept of privatization. Increasing government control refers to a situation where more power is vested in government hands, which is the opposite of privatization. Transferring ownership from private to public indicates shifting assets from private ownership back to government control, which is essentially the reverse of privatization and typically described as nationalization. Nationalizing industries involves bringing privately owned companies under government control, further confirming that ownership is not being transferred to the private sector, but rather taken away from it.