An industry is?

Assessment: JAMB UTME - Economics - 2001 Subject: Economics

Question 1 Report

An industry is?
Answer Details
An industry is a group of firms that produce related commodities or offer related services. The firms in an industry may have similar production processes, use similar inputs, or cater to similar markets. Examples of industries include the automobile industry, the banking industry, and the retail industry. The firms in an industry may compete with one another for market share, and they may also cooperate through joint ventures, strategic alliances, or trade associations to improve their collective bargaining power or to share industry-specific knowledge and resources.
Read lesson note on Business Organizations (JAMB)
Read lesson note on Industry And Industrialization (JAMB)
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