What are the differences between plant, firm and industry?


3 Answers

Danielle Joynson Profile
  • Plant
A plant in terms of business is a particular facility that is used to manufacture a product or produce the substance etc in question for a company or business. A plant will usually have a plant manager whom is responsible for the manufacturing process to run smoothly. They implement the most effective system for producing the product in a comfortable and steady manner. They also are responsible for overseeing and organizing meetings as well as goals that the company is aiming for in terms of production.

  • Firm
A firm refers to a group or organization that focuses on producing goods and services to trade or to sell to consumers. A firm is another name for business so while the plant is a specific facility, a firm is the business that needs to the facility to produce their goods. The majority of firms are privately owned and are created to produce mass profit however, there are a number of non-profit organizations.

  • Industry
An industry is used to refer to the wider spectrum in the sense that it is a certain part of the economy that contains a number of firms. For example, one particular industry is the beauty industry. Therefore, the beauty industry will have a number of various firms such as L'Oreal or Revlon, and they in turn will have plant facilities that are used to create their products.
Anonymous Profile
Anonymous answered

Industry is where both materials & products are made . But factory manufactures only products.

for eg: Leather industry and shoe factory

Anonymous Profile
Anonymous answered

A firm can be define as an organization which are focused in producing goods and services to trade or to sell to consumers

While organization is the combination of people to build up a group which is the organization which has common goal and work together

Answer Question