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Definition

Industry

An industry is a collection of firms/a group of companies producing a similar product or services. By “similar products” we mean products that customers perceive to be substitutable for one another. Consider, for example, the brands of personal computers (PCs) that are now being marketed. The firms that produce these PCs, such as Hewlett-Packard, IBM, Apple, and Dell, form the nucleus of the microcomputer industry.

 

Webster Dictionary Meaning

1. Industry
- Habitual diligence in any employment or pursuit, either bodily or mental; steady attention to business; assiduity; -- opposed to sloth and idleness; as, industry pays debts, while idleness or despair will increase them.
- Any department or branch of art, occupation, or business; especially, one which employs much labor and capital and is a distinct branch of trade; as, the sugar industry; the iron industry; the cotton industry.
- Human exertion of any kind employed for the creation of value, and regarded by some as a species of capital or wealth; labor.
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