Question

what is relation between industry and the market
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Answer 1

The relationship between industry and market is like a relationship between producers and consumers

1. An industry is a collection of companies that offer similar or substitute products to the customers and compete with one another.

Market refers to a mechanism that helps buyers and sellers in entering into transactions relating to exchange of goods and services.

2. Only one type of goods and services are offered in industry.

Variety of goods and services are offered in market.

Answer 2

Answer:

industry represents a large number of companies which manufacture a particular product or provide a specific service, while market is the place where buyers and sellers meet.