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Differenitiate btw firm and industry |
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Answer» ndustry refers to a kind o BUSINESS INSIDE an economy while a firm is a business establishment inside n industry.2)There can be many firms inside an industry.The industry is not an entity while a firm is a type of company3)A firm is a type of business where the industry is a sub-sector of an economy4)RULES and regulation are made for industry, and they TYPICALLY apply to all firms inside the industryFirms:- The term is mostly used in relation to companies providing judicial service to clients. These are business establishment referred to as law firms.Industry:- the economy of a country is divided into an umbrella of industries where an industry consists of all organized activities for production and PROCESSING of products. |
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