Firms and Industry - Definition

Economics SSS 1 Second Term


Firms and Industry - Definition

Performance Objectives

Student should be able to:

  1. Explain the meaning of firm and industry
  2. Explain the different types of business


Meaning of firm, Plant or Factory, Industry and Company

a. Firm: A firm is an independently administered business that employs productive resources to obtain products and/or services which are offered in the market to make a profit.

b. Plant or Factory: A plant or Factory is a place where a firm carries out its productive activities.

c. An industry: An industry is a group of manufacturers or businesses that produce a particular kind of goods or services. Workers in the textile industry design, fabricate, and sell cloth.

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