Business: A business is an association or ambitious

Business: A business is an association or ambitious element occupied with commercial, industrial or expert exercises. A business is formed following a business plan which outlines strategic planning and its implementation. An organization executes business exercises through the manufacturing of goods, offering of an administration or retailing of manufactured items. A business can be a revenue driven substance or a not-for-profit association that works to satisfy a beneficent mission.

Industry: An industry portrays a significantly more particular gathering of organizations with exceptionally comparable business exercises. An organization may depict its business by passing on the industry in which it operates. For example, the land business, publicizing business are ventures in which a business can exist, like Exxon Mobil executes business in providing oil (Petroleum/Oil industry).

We Will Write a Custom Essay Specifically
For You For Only $13.90/page!

order now

Sector: An economy can be divided into different sectors in which organizations share same kind of products or related products or service. On a high level, most of the economies are divided into four sectors (primary, secondary, tertiary, quaternary) which are then categorized into small sectors. In other words, it can be stated that all of the organizations that fall into a particular sector are categorized further into industries which share similar business activities. For example, IT sector, Financial sector etc., the financial sector is a class of stocks containing firms that give monetary administrations to business and retail clients, it includes banks, insurance companies, investment funds and real estate.

The relation of these can be best understood by the below diagram: Economy is divided into different sectors containing businesses/organizations (indicated by boxes). Similar color boxes (businesses) correspond to a particular industry. If we consider the above Financial sector example, Industry1 can be considered as banking industry, Industry2 can be considered as insurance companies and so on.