What are the differences between plant, firm and industry?

• Plant

A plant in terms of business is a particular facility that is used to manufacture a product or produce the substance etc in question for a company or business. A plant will usually have a plant manager whom is responsible for the manufacturing process to run smoothly. They implement the most effective system for producing the product in a comfortable and steady manner. They also are responsible for overseeing and organizing meetings as well as goals that the company is aiming for in terms of production.

• Firm

A firm refers to a group or organization that focuses on producing goods and services to trade or to sell to consumers. A firm is another name for business so while the plant is a specific facility, a firm is the business that needs to the facility to produce their goods. The majority of firms are privately owned and are created to produce mass profit however, there are a number of non-profit organizations.

• Industry

An industry is used to refer to the wider spectrum in the sense that it is a certain part of the economy that contains a number of firms. For example, one particular industry is the beauty industry. Therefore, the beauty industry will have a number of various firms such as L'Oreal or Revlon, and they in turn will have plant facilities that are used to create their products.

Industry is where both materials & products are made . But factory manufactures only products.

for eg: Leather industry and shoe factory