Explanation

(a)(i) A firm is the basic unit within which factors of production are organized for the purpose of producing wealth while an industry is a group of firms producing similar products.

(ii) Location of industry is the sitting of a firm or an industry in a particular place, while localization is the concentration of firms producing similar products in an area.

(b) The factors which influence the location of industries are:
(i) Access to raw materials is an important consideration in the location of industries.
(ii) Regular supply of adequate power is crucial for successful business.
(iii) Nearness to market is also important, the aim of production being to sell.
(iv) Access to transport facilities is also crucial.
(v) Adequate supply of labour in an area attract location of industries.
(vi) External economies or the location of other firms; firms are often set up near others in order to take advantage of external economies.
(vii) Influence of government; either by direct participation in the establishment or giving firms encouragement to set up in a particular area.
(viii) Natural factors; examples; mining by extractive industries, favourable climatic conditions for agricultural firms.
(ix) Stable political environment. 
 

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