INDUSTRIAL CONCEPTS, DEFINITION OF INDUSTRIAL CONCEPT, Distinguish among the following concepts: Plant, Factory, Firm, Industry and Industrial estate., Explain the factors that influence the location of industries. Explain the advantages and dis-advantages of localization of industries. Explain the importance of industrialization in the development process. Discuss the different strategies of industrialization. Identify factors influencing the importance of industries. Discuss the main features of the indigenization programme of the 1970s and associated problems industrial concepts

Types and groups of firms

A firm: A firm is the basic unit within which factors of production are organized for the purpose of producing wealth. A firm is an entity which specializes in the production and distribution of goods under one administration or management. Examples of firms are Unilever Nig. Plc., Tanco Nig. Ltd, Texaco Nig. Ltd.

  • Industry: An industry is defined as a group of firms producing similar products and under separate

Administration of management. In other words, an industry includes a collection of different firms which produce similar goods under separate management.

For example, in the petroleum industry we have different: like Oando, Texaco, Total and Mobil. All t firms are under different managements but all produce similar products. industrial concepts

  • Plant: A plant is a place where a carries out its productive activities, other words, plant is a building industrial concepts

          where industrial process happens or take place e.g. a hugs chemical plant and Ajaokuta Steel Plant.

  • Factory: A factory is a building or group of buildings in which goods are produced in la quantities, using machines e.g. a car factory.Industrial Estate: Industrial estate large piece of land land use act here,where there are factories and businesses. In industrial estate many factor or companies are found and these factor engaged in different businesses e.g. Industrial Estate. you can read the advantages and disadvantages of the Nigerian land use act here


  • Manufacturing industry: manufacturing industry operates at the secondary production level.  These are industries which can convert materials to produce finished goods, special machines and equipment,

 Examples of manufacturing industries are: the textile industry, which produces clothing materials; plastic industry, which converts rubber into tyres, plastic chairs table and spoons. industrial concepts

(2)       Mining industry: This industry concerned with the extraction of r resources from the soil by special. check out mining activities here

Mining is a primary production. Products like crude oil, gold, diamond, iron ore, tin and columbite are derived from their natural states by mining.

  • Construction industry: This industry is concerned with the assembling of different components in order to get a finished product. Examples of construction industries are car assembly plants, boat or ship building, aircraft construction and road construction.
  • Processing industry: This industry is concerned with the conversion of some raw materials into finished product that can used directly to satisfy human wants. For example, beverage industry converts raw materials like cocoa to Boumvita, Pronto and Ovaltine.
  • Transport industry: Transport industry is concerned with the movement of passengers and goods could be done by is from one place to another. read distribution methods here

The movement of passengers or goods could be done by land, sea and air. Examples of firms in the transport industry are Virgin Nigeria (air transport) and Tonad Motors Ltd. (land transport).

Power and energy industry: This industry is concerned with the generation, transmission and distribution of electricity. An example of a firm in this industry is the Power Holding Company of Nigeria Plc. (PHCN).

  1. scale of preference
  2. concept of economics
  3. economic tools for nation building
  4. budgeting
  5. factors affecting the expansion of industries
  6. mineral resources and the mining industries