Firm vs. Industry

By Jaxson

Main Difference

The main difference between Firm and Industry is that the Firm is a organization involved in the trade of goods, services, or both to customers for pay and Industry is a production of goods or service of a given field within an economy.

  • Firm

    A business (also known as an enterprise, a company, or a firm) is an organizational entity and legal entity made up of an association of people, be they natural, legal, or a mixture of both who share a common purpose and unite in order to focus their various talents and organize their collectively available skills or resources to achieve specific declared goals and are involved in the provision of goods and services to consumers. A business can also be described as an organization that provides goods and services for human needs.

    A company or association of persons can be created at law as legal person so that the company in itself can accept limited liability for civil responsibility and taxation incurred as members perform (or fail) to discharge their duty within the publicly declared “birth certificate” or published policy.

    Because companies are legal persons, they also may associate and register themselves as companies – often known as a corporate group. When the company closes it may need a “death certificate” to avoid further legal obligations.

    Businesses serve as conductors of economic activity, and are prevalent in capitalist economies, where most of them are privately owned and provide goods and services allocated through a market to consumers and customers in exchange for other goods, services, money, or other forms of exchange that hold intrinsic economic value.

    Businesses may also be social nonprofit enterprises or state-owned public enterprises operated by governments with specific social and economic objectives.

    A business owned by multiple private individuals may form as an incorporated company or jointly organized as a partnership. Countries have different laws that may ascribe different rights to the various business entities.

    The word “business” can refer to a particular organization or to an entire market sector (for example, “the finance business” is “the financial sector”) or to all economic sectors collectively (“the business sector”). Compound forms such as “agribusiness” represent subsets of the concept’s broader meaning, which encompasses all activity by suppliers of goods and services.

    Typically private-sector businesses aim to maximize their profit, although in some contexts they may aim to maximize their sales revenue or their market share. Government-run businesses may aim to maximize some measure of social welfare.

  • Industry

    An industry is the production of goods or related services within an economy. The major source of revenue of a group or company is the indicator of its relevant industry. When a large group has multiple sources of revenue generation, it is considered to be working in different industries. Manufacturing industry became a key sector of production and labour in European and North American countries during the Industrial Revolution, upsetting previous mercantile and feudal economies. This came through many successive rapid advances in technology, such as the production of steel and coal.

    Following the Industrial Revolution, possibly a third of the economic output comes from manufacturing industries. Many developed countries and many developing/semi-developed countries (China, India etc.) depend significantly on manufacturing industry.

  • Firm (noun)

    A business partnership; the name under which it trades.

  • Firm (noun)

    A business enterprise, however organized.

  • Firm (noun)

    A criminal gang, especially based around football hooliganism.

  • Firm (adjective)

    steadfast, secure, hard (in position)

    “It’s good to have a firm grip when shaking hands.”

  • Firm (adjective)

    fixed (in opinion)

    “a firm believer; a firm friend; a firm adherent”

  • Firm (adjective)

    solid, rigid (material state)

    “firm flesh; firm muscles, firm wood; firm land (i.e. not soft and marshy)”

  • Firm (verb)

    To make firm or strong; fix securely.

  • Firm (verb)

    To make compact or resistant to pressure; solidify.

  • Firm (verb)

    To become firm; stabilise.

  • Firm (verb)

    To improve after decline.

  • Firm (verb)

    To shorten (of betting odds).

  • Firm (verb)

    To select (a higher education institution) as one’s preferred choice, so as to enrol automatically if one’s grades match the conditional offer.

  • Industry (noun)

    The tendency to work persistently. Diligence.

    “Over the years, their industry and business sense made them wealthy.”

  • Industry (noun)

    Businesses of the same type, considered as a whole. Trade.

    “The software and tourism industries continue to grow, while the steel industry remains troubled.”

    “The steel industry has long used blast furnaces to smelt iron.”

  • Industry (noun)

    Businesses that produce goods as opposed to services.

  • Industry (noun)

    The sector of the economy consisting of large-scale enterprises.

    “There used to be a lot of industry around here, but now the economy depends on tourism.”

  • Industry (noun)

    Automated production of material goods{{cite-web

  • Industry (noun)

    A typological classification of stone tools, associated with a technocomplex.

  • Firm (adjective)

    having a solid, almost unyielding surface or structure

    “the bed should be reasonably firm, but not too hard”

  • Firm (adjective)

    solidly in place and stable

    “he was unable to establish the shop on a firm financial footing”

    “no building can stand without firm foundations”

  • Firm (adjective)

    having steady but not excessive power or strength

    “you need a firm grip on the steering”

  • Firm (adjective)

    showing resolute determination and strength of character

    “parents should be firm with children and not give in to their demands”

  • Firm (adjective)

    strongly felt and unlikely to change

    “he retains a firm belief in the efficacy of prayer”

  • Firm (adjective)

    steadfast and constant

    “we became firm friends”

  • Firm (adjective)

    decided upon and fixed or definite

    “she had no firm plans for the next day”

  • Firm (adjective)

    (of a currency, shares, etc.) having a steady value or price which is more likely to rise than fall

    “the pound was firm against the dollar”

  • Firm (verb)

    make more solid or resilient

    “how can I firm up a sagging bustline?”

  • Firm (verb)

    fix (a plant) securely in the soil

    “don’t tread around bushes to firm them”

  • Firm (verb)

    make (an agreement or plan) explicit and definite

    “the agreements still have to be firmed up”

  • Firm (verb)

    (of a price) rise slightly to reach a level considered secure

    “the shares firmed 15p to 620p”

    “he believed house prices would firm by the end of the year”

  • Firm (adverb)

    in a resolute and determined manner

    “the Chancellor has held firm to tough economic policies”

    “she will stand firm against the government’s proposal”

  • Firm (noun)

    a business concern, especially one involving a partnership of two or more people

    “a law firm”

    “state support for small firms”

  • Firm (noun)

    a group of hospital doctors working as a team, headed by a consultant.

  • Firm (noun)

    an organized group of football supporters known for their aggressive attitudes towards rival fans.

  • Industry (noun)

    economic activity concerned with the processing of raw materials and manufacture of goods in factories

    “new investment incentives for British industry”

  • Industry (noun)

    a particular form or branch of economic or commercial activity

    “the car industry”

  • Industry (noun)

    an activity or domain in which a great deal of effort is expended

    “the Shakespeare industry”

  • Industry (noun)

    hard work

    “the kitchen became a hive of industry”

Oxford Dictionary

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