I doubt the law applies to government or non-profit educational institutions. The definition of “business” is “A sole proprietorship, partnership, limited liability company, corporation, association, or other legal entity that is organized or operated for the profit or financial benefit of its shareholders or other owners”

Here’s an example of personally identifiable information: Your name and address.

Here’s an example of non-personally identifiable information (longer, because this sort of data tends to be more esoteric): You’re playing the video game Halo. While playing, data such as which weapon you use, where on the map you use it, when and where on the map you shoot, and whether you score a kill is all collected. This information is not associated with you in particular, it is aggregated with similar information from every other player who also plays Halo. Since the data is not associated with any single player and is an aggregation of lots of data points across lots of players, and there’s no way to map any particular point of data back to any particular person, this is clearly not personally identifiable information. This sort of data is used to generate heat maps which indicate which weapons are used how often on particular maps and what success rates to help the developer tune the damage values of the different weapons and their locations on the map to improve gameplay, so it certainly has value, but not in the “selling your info to advertisers” sense.