What type of enterprise is owned by individuals and run for profit?

The correct choice is a private sector enterprise because it refers to businesses that are owned by individuals or groups of individuals with the primary aim of making a profit. These enterprises operate independently of government control and seek to generate income for their owners through the sale of goods or services.

Private sector enterprises can encompass a range of business structures, from sole proprietorships to partnerships and corporations, all of which are focused on contributing to the economy while providing returns to their owners. This profit motive distinguishes them from other types of enterprises, such as public sector or non-profit organizations.

In contrast, public sector enterprises are owned and operated by the government, and non-profit enterprises are focused on social goals rather than profit generation. Corporate sector enterprises generally refer to larger organizations that operate in the market, often as part of the private sector, but the term can sometimes be used more broadly and does not specifically emphasize the ownership by individuals for profit in the way that private sector enterprises do.