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  1. Definitions of Firm
  2. Definition of Industry
  3. Types and Basic Features of Business Enterprises
  4. Sole Proprietorship
  5. The Partnership


Definitions of Firm

A firm may be defined as an independently administered business unit which has the ability and capability of carrying out production, construction or distribution activities. A firm is a unit of industry. Firms may be small or large. Therefore firms are of different sizes, ranging from the one-man business with limited capital to the joint stock company with huge amounts of capital. Examples are the UAC Nigeria Ltd, Ecobank Nig. Ltd, Toyota, Punch Newspaper, Ekene Dili Chukwu Bus Services Ltd etc.

Definition of Industry

An industry may be defined as a group of firms producing broadly similar commodities or offering complementary services. Examples are the shoe industry, vehicle manufacturing industry, banking industry, transport industry, cement industry, entertainment industry etc.


  1. What is a firm?
  2. Define industry
  3. Differentiate between firm and industry
  4. List 5 examples of an industry


Business Organisation

Types and Basic Features of Business Enterprises

The types of business enterprises include sole-proprietorship, partnership, Joint Stock Companies (private and public), cooperatives, Public Corporations and Joint ventures.

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Lesson tags: Economics Lesson Notes, Economics Objective Questions, SS1 Economics, SS1 Economics Evaluation Questions, SS1 Economics Evaluation Questions Second Term, SS1 Economics Objective Questions, SS1 Economics Objective Questions Second Term, SS1 Economics Second Term
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