Question

ECONOMICS
(1a) Distinguish among the following concepts: firm, industry and industrial estate.
(1b) Explain any six factors that influence the location of industry.

Answer 1

Answer:

a. Firms:- The term is mostly used in relation to companies providing judicial service to clients. These are business establishment referred to as law firms.

Industry:- the economy of a country is divided into an umbrella of industries where an industry consists of all organized activities for production and processing of products.

b. Industrial locations are complex in nature. These are influenced by the availability of many factors. Some of them are: raw material, land, water, labor, capital, power, transport, and market. For ease of convenience, we can classify the location factors into two: geographical factors and non-geographical factors.