Meaning of plant, Firm and Industry

Plant: The term plant refers to a place or establishment where goods are produced. For example- Aziz pipe Factory, Coca-Cola etc.

Characteristics:

Where goods are produced?

From where goods are distributed and

From where goods are supplied?

So plant means a factory, shopping center, or any other establishment. The plant includes not only the building and machinery but also the workers employed therein.

Firm: The term firm refers to the business unit or undertaking which owns the plant, control and manage it. The firm is essentially a unit of control, ownership, and management. A firm may be engaged in the production of the same product or products. For example – Lever Brothers, Bashundhara etc.

Industry: Industry includes all the firms owning, controlling and managing the plants engaged in the production of similar products. For example, sugar industry, jute industry etc. In another way, the industry refers to that part of business activity, which is engaged with the raising, producing, processing, fabricating, extracting, and conversion of goods.