Question 36 of 36
Q.Differentiate between 'firm' and 'industry'.
Puducherry TnboardTamil Nadu HSC First Year (DGE) Commerce Board 2026Subjective· 3mImportance★★★★★
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Start your 14-day free trial to unlock the full solution →A firm is one individual production/selling unit; an industry is the whole group of firms making the same or similar product.
A firm is a single, independent business unit that is engaged in the production and sale of a good or service. It is owned and controlled by an entrepreneur who takes decisions and aims to maximise profit.
An industry is the group of all firms that produce the same or closely similar products. For example, one textile mill is a firm, while all textile mills together form the textile industry.
| Basis | Firm | Industry |
|---|---|---|
| Meaning | A single business/production unit | Group of all firms making the same product |
| Scope | Narrow (one unit) | Wide (many firms) |
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