What’s industry and firm as related to industrial management

Define the following terms: (i) an industry (ii) a firm

(i)An Industry: The industry is the production of goods or related services within an economy. An industry is the classification of groups of companies that are related based on their primary business activities.
(ii)A Firm: A firm is also known as business. The firm is referred to as the business organization organized by an individual or group of individuals to make profit. It is a business organization such as Corporation, Limited Liability Company or Partnership that sells goods or services to make a profit.

Oluwamuyide Peter

My name is seyi, the main aim of creating this platform is to help users get information like school updates, electrical engineering topics and many more for free

Related Articles

Leave a Reply

Back to top button