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.