industry classification:

… a system (industry classification system) of organizing enterprises operating within an economy into groups based on production similarities or, for example, goods and services similarities, or other similarities, such as the way they behave in financial markets; an industry taxonomy. Also see this glossary's definition of business classification.

Answers.com has a article about sectors of an economy that is related to a category of enterprising entities that exists within any one of the four sectors of an economy. Classification systems may be referred to as either business or industry. In the latter case, they may be referred to as industrial classification systems. Systems typically concern themselves with enterprises that provide goods and services within a supply chain.

Examples of classifications of business and industry operations can be found in the SIC system introduced in the U.S. in the 1930s. SIC stands for Standard Industrial Classification. Individual descriptions were assigned numbers and referred to as SIC codes.

Pointing out above the example does not imply that SIC codes were universally standard throughout various classification systems. In fact, the SEC system evolved and was later replaced by the North American Industry Classification System (NAICS).

Recognition of industrial development by some as a jobs creation effort led, in part, to a desire for systems to include all types of for-profits and non-profits as well as governmental and public-private partnership operations. Industrial development as a practice was later renamed economic development so as to be all inclusive. See About Industrial Development.

Additional examples of classification systems are the SITC (Standard International Trade Classification) and Global Industry Classification Standard developed by MSCI and Standard & Poor's. The .network resource center has a list of various business and industry classification systems and information about them with links. CLICK HERE for the list.

go back

FYI: definition of industry classification define industry classification define industry classifications what is an industry classification system define industry classification systems define industrial classification define industrial classifications define classifications of industry define classification by industry classification systems define business and industry classification define industry and business classification define enterprise classification define enterprise classification systems define system for classifying enterprises definition of industry classifications definition of industry classification system what are industry classification systems definition of industrial classification definition of industrial classifications definition of classifications of industry definition of classification by industry classification systems definition of business and industry classification definition of industry and business classification definition of enterprise classification definition of enterprise classification systems definition of system for classifying enterprises