A(n) ________ is a group of firms producing a similar product or service, such as soft drinks, airlines, or smartphone apps.

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The term "industry" is commonly used to describe a group of firms producing a similar product or service. Clusters and networks may refer to a similar concentration of firms in a geographic area, but do not necessarily have to produce similar products or services. Divisions are subdivisions of a larger company, and sectors typically refer to broader categorizations of the economy (such as the manufacturing sector or service sector).

A(n) ________ Is a Group of Firms Producing a Similar