Question

What is the difference between a market and an industry? Please elaborate!

Answer 1

Market is a place where the buyers and sellers meet and carry out the economic transactions. in other words, market is established to facilitate the economic transaction or exchange of goods and services between the producer and buyer of the goods or services. it can be physical markets like we use to have since ancient times or it can be virtual i.e. online market like ebay.

Industry, on the other hand, is a manufacturing unit that produce a particular good for example, all the bag making firms together will form the bag industry. The bag industry will not include any other product like an ice cream or any other goods like a market. It will only be collection of all the bag producing firms in the market.

Market is inclusive of all the different goods and services, industry will have only on product which will be sold in the market.