Business:A business is an association or ambitious element occupied with commercial,industrial or expert exercises. A business is formed following a business planwhich outlines strategic planning and its implementation. An organizationexecutes business exercises through the manufacturing of goods, offering of anadministration or retailing of manufactured items.
A business can be a revenuedriven substance or a not-for-profit association that works to satisfy abeneficent mission.Industry: An industry portrays a significantly more particulargathering of organizations with exceptionally comparable business exercises. An organizationmay depict its business by passing on the industry in which it operates.
For example, the land business, publicizing business are ventures in whicha business can exist, like Exxon Mobil executes business in providing oil(Petroleum/Oil industry).Sector: An economy can be divided into different sectors in whichorganizations share same kind of products or related products or service. On ahigh 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 aparticular sector are categorized further into industries which share similarbusiness activities.
For example, IT sector, Financial sector etc., thefinancial sector is a class of stocks containing firms that give monetaryadministrations to business and retail clients, it includes banks, insurancecompanies, investment funds and real estate.Therelation of these can be best understood by the below diagram: Economy isdivided into different sectors containing businesses/organizations (indicatedby boxes).
Similar color boxes (businesses) correspond to a particular industry.If we consider the above Financial sector example, Industry1 can be consideredas banking industry, Industry2 can be considered as insurance companies and soon.