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SS1: ECONOMICS - 2ND TERM

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Firm

A firm is an independently administered business unit which carries out productive activities. It is a unit of business organization, the business unit produces a particular product or provides a particular service.

Firms are therefore of different sizes; ranging from one business with limited capital to the joint-stock company with a huge amount of capital.

Industry

An industry is a group of firms producing similar goods and services. It is the combination of a number of firms producing broadly similar commodities or services for the same market e.g. Petroleum industry, Textile industry, cement industry, banking industry, mining industry.

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