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industry classification system:

. . . an aggregation of the various types of enterprises and other functional entities and their organization as an economic taxonomy, for example, a business classification system. Comprehensive industry classification, such as that which resulted in the creation of the North American Industry Classification System (NAICS) attempts to cover all sectors of the economy. (A traditional method divides an economy into a primary sector (raw materials), a secondary sector (finished goods) and a tertiary sector (services). Additional sectors now added are a quaternary sector (intellectual activities) and a quinary sector (top-level decision activities). Basically, the sectoring described indicates that industry classification systems typically cover all organized entities, including public administration, that require work be performed in order to claim functionality.

Before NAICS, a so called SIC system was introduced in 1930s. SIC stands for Standard Industrial Classification. Individual descriptions were assigned numbers and referred to as SIC codes.

The Global Industry Classification Standard is a taxonomy development of MSCI and Standard & Poor's. Another example is the Standard International Trade Classification of the Organisation for Economic Co-operation and Development (OECD).



 
 
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Economic Development Services, Inc. -- copyrights and all rights reserved / 03/25/2014