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industry classification system:

. . . a comprehensive aggregation of the various types of enterprises and other functional entities and their organizations as an economic taxonomy.

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).

The North American Industry Classification System attempts to cover all sectors of the economy. NAICS groups the economy into 20 broad sectors (source of quote). Sub-sectors are under sectors, for example telecommunications / 517 is under information classification / 51; industry groups are under sub-sectors; and, specific industry under industry groups. The term, industrial, is typically seen as a reference to the U.S. Standard Classification System (SIC). A U.S. Census Bureau webpage provides a clarification memorandum titled Classifying SIC Auxiliary Establishments in NAICS.

The traditional method of sectoring an economy is related to business and industry classification systems; i.e., the traditional way of dividing up an economy produces a broad reference to areas of productivity which are a primary sector (raw materials), secondary sector (finished goods) and tertiary sector (services). Two additional sectors are added today — a quaternary sector (intellectual activities) and a quinary sector (top-level decision activities).



 
 
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Economic Development Services, Inc. -- copyrights and all rights reserved / 05/18/2014