Industries in Nigeria

Economics SSS 2 Second Term

WEEK 8

Industries in Nigeria

Performance Objectives

Student should be able to:

1. Distinguish among the following concept, plant, factory, firm, industry and industrial estate.
2. Explain the factors that influence the location of industry.
3. Explain the advantages of localization of industry.

Content

Definition of Concepts

Firm:       A firm may be defined as a single unit or entity that carries out the production of goods and services intending to satisfy their customers and make a profit in the process. It is a single independently administered business unit of an industry. A business entity such as a corporation, limited liability company, public limited company, sole proprietorship, or partnership that has products or services for sale is a…