Plant, Firm and Industry : a clear idea
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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.
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