An industry is

JAMB Economics 2023 155 views
Source: JAMB · 2023

An industry is

  1. A group of firms producing differentiated products
  2. A group of firms producing distinct commodities
  3. A group of firms producing related goods ✓
  4. A group of firms producing unrelated goods
Explanation

An industry is a group of firms producing related goods, usually the same or very similar product. Examples are the cement industry and the banking industry.

Firms making unrelated goods belong to different industries.

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