| Firm | Industry |
| 1.Firm refers to a single individual unit of business inside an industry. | 1. Industry refers to a group of firms doing the same business. |
| 2.It operates within an industry. | 2.Operates within an economy |
| 3.There will be existence of one firm. | 3.There can be many firms in an industry |
| 4.No separate rules and regulations for a firm. | 4.Rules and regulations are made specifically for a particular industry. |
