MEANING OF FIRM, PLANT OR FACTORY, INDUSTRY AND COMPANY
meaning of a Firm
Definition: A firm is an independently administered business unit which carries out productive activities such as production, construction or distributive activities.
A firm organises it production in a plant.
meaning of a Plant or Factory
Definition: A plant or factory is a place where a firm carries out its productive activities e.g. farm and quarry.
what is An Industry
Definition: An industry is the combination of a number of firms producing broadly similar commodities or services for the same market.
meaning of a Company
Definition: A company is defined as a legal person or entity created by the association of a number of people in accordance with the law, for the purpose of pooling their capital together in on to set up a business venture.
Industry consist of the activities geared towards the production of goods through extraction manufacturing and construction.