Definitions of Firm
A firm may be defined as an independently administered business unit which has the ability and capability of carrying out production, construction or distribution activities. A firm is a unit of industry. Firms may be small or large. Therefore firms are of different sizes, ranging from the one-man business with limited capital to the joint stock company with huge amounts of capital. Examples are the UAC Nigeria Ltd, Ecobank Nig. Ltd, Toyota, Punch Newspaper, Ekene Dili Chukwu Bus Services Ltd etc.
Definition of Industry
An industry may be defined as a group of firms producing broadly similar commodities or offering complementary services. Examples are the shoe industry, vehicle manufacturing industry, banking industry, transport industry, cement industry, entertainment industry etc.
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