Final answer:
The service setup where each individual unit within a building is provided with its own meter by a utility company is known as Individual metering.
Step-by-step explanation:
When a utility company provides separate service to each individual unit within a building, this service setup is known as Individual metering. This means that every unit has its own meter to measure consumption of utilities like water or electricity, ensuring that each tenant is billed only for the utilities they actually use. This system contrasts with group metering, where utility usage is measured collectively, and the cost is divided among the users, or centralized metering, where there is a single measurement point for the whole building.