Which statement is the definition of privatization? a way to shrink the federal budget by selling government services or property in the private sector a way to reduce government costs by relocating government programs to private groups or corporations a way to reduce big government by doing without some of the programs it once provided a way to increase the government’s role by purchasing private companies. a way to reduce government costs by lowering the amount of benefits paid out to private citizens.

The correct answer is B. A way to reduce government costs by relocating government programs to private groups or corporations

Explanation:

Privatization refers to the process in which certain services or programs are transferred from government to private entities that guarantee the services or programs that were formerly provided by the government. Privatization occurs mainly to reduce the cost of government and also increase efficiency by having specialized private entities in charge of government programs and services. An example of this is the relocation of educational government programs to private entities. Considering this, the statement that is a definition of privatization is "A way to reduce government costs by relocating government programs to private groups or corporations".