Difference between a Firm, a Plant and an Industry
A firm is an independently administered business unit which carries out productive activities i.e. production, construction or distributive activity. A firm organizes its production in a plant. E.g. A quarry, farm, etc. Examples of firms are Benuwatts Company Limited, Ladydee Inspired Multiconcepts. It may be controlled by one man or through partnership.
A plant is a place where a firm carries out its productive activities. It is also known as factory. E.g. A mine, quarry. In a plant, tools and other equipment’s are found.
An industry is the combination of a number of firms producing broadly similar commodities or services for the same market. E.g Textile Industry, Cement Industry, Mining Industry, Entertainment industry.
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