What Is The Difference Between A Firm And An Industry?

The basic in detail please...


Answer:
Industry is the collective name of no. Of firms (producing similar products) and a firm is a moment ago a part of that industry (representing the whole industry).


Comment: It is very adjectives i know the collection of firms is a industry but confusing

Answer: Industry is a group of firms , producing same product like cotton industry , steel industry
while firm is a unit , it can be partnership or corporation, producing a product
A firm is a business organization that owns and operate plants. Some firms operate only one plant, but many own and operate several.

A industry is a group of firms that produce the same, or similar, products.

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