the difference between private economy and individual economy: individual economy refers to the private ownership economy in which workers engage in individual labor and or individual business on the basis of possessing the means of production; The private economy refers to the private ownership economy based on the private possession of the means of production or the employment of labor, with the purpose of making profits as its production and operation.

the private economy refers to an economic type based on the private ownership of the means of production and the labor of employees, with profit as the purpose and distribution according to capital as the main part; Private economy is the inevitable trend of the development of individual economy, and it is a form of private ownership economy, just like individual economy in essence.

the individual economy refers to the private ownership economy that engages in individual labor and individual business on the basis of the laborers' personal possession of the means of production. The individual economy has the characteristics of small scale, simple tools, convenient operation and flexible operation, and basically has no exploitation.

the individual economy has two obvious characteristics: first, the means of production and the fruits of labor are owned by individuals; Second, workers are based on their own labor; In the individual economy, producers are both direct workers and private owners of means of production, and workers mainly rely on their own labor to earn income, which is a private economy without exploitation.

Characteristics of individual economy

The contribution to the economy and society is increasing. Non-public enterprises such as individual and private enterprises have accounted for more than 71% of the total number of Chinese enterprises, and their output value has accounted for more than 61% of GDP. Employees and new jobs have accounted for more than 81% and 91% of the national total respectively. Most of the floating population are employed in non-public enterprises. The non-public economy such as individual and private enterprises has become an important force in developing the socialist market economy and a major force in promoting local economic growth.

the number has increased steadily. since the reform and opening up, the number of individual industrial and commercial households has maintained a relatively high growth rate, except for a slight decline due to specific reasons from 1999 to 2114. The business scope covers many fields such as wholesale and retail, resident service and other services, accommodation and catering, manufacturing, transportation, warehousing and postal services.