Difference Between Firm and Industry
Firm vs Industry
Firm and industry are words that are very commonly used yet misunderstood by many. People think they know what they mean when they use these words yet there are people who make erroneous use of the two concepts. This article attempts to clear all doubts to enable readers to have a better understanding of the two terms used in economics.
Firm
A firm is more or less similar to the concept of a business establishment.