Economic Definition of industry. Defined.
Offline Version: PDF
Term industry Definition: A group of firms producing goods or services that are close substitutes-in-consumption. The similarity of the products makes it possible to analyze the production in a market framework. An industry can be broadly defined, such as the manufacturing industry, or narrowly specified, such as the root beer industry. For most economic analysis the term industry is used interchangeably with the term market.
Permalink: https://glossary.econguru.com/economic-term/industry