Distinguish clearly between a plant, a firm, and an industry

Question

Distinguish clearly between a plant, a firm, and an industry?

Answer 1

Production takes place in plant which is an operating unit.  This production can be developed, wholesaling, warehousing, retailing, farming, and mining anything which in short it is essential for the manufacture and allocation of product and services.

The business organization of a firm owns one or more than one plants.  A firm can be very huge like General Motors that possess many plants in many countries, or very small, such as an independent corner grocery.

An industry is rather a random grouping of firms producing comparable products like a steel industry.  There may be a problem defining which firms belong to an industry; the firms in the automobile industry produce many non-automotive products.