Industry can simply be defined as

Assessment: WAEC SSCE - Economics - 1989 (Objective) Subject: Economics

Question 1 Report

Industry can simply be defined as
Answer Details
Industry can be simply defined as a firm or group of firms that are involved in producing similar goods or services. In other words, industry refers to the production of goods or services by firms with the aim of making a profit. The firms involved in an industry may produce identical or similar goods and services, and may operate in the same geographical location or across different regions. The key point is that they are all engaged in the same type of economic activity.
Read lesson note on Industry And Industrialization (JAMB)
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