Markets are groups of organisations offering goods and services that are similar and close substitutes for one another whereas industries are a group of individuals or organisations willing and able to buy goods or services to satisfy a particular class of want or need.

Question

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A market comprises individuals and organisations interested and willing to buy a good or service to obtain benefits that will satisfy a particular need or want, and who have the resources to engage in such a transaction. An industry is a group of firms that offer a product or class of products that are similar and are close substitutes for one another.

Markets Are Groups of Organisations Offering Goods and Services That