In macroeconomics, an industry is a branch of an economy that produces a closely related set of raw materials, goods, or services. For example, one might refer to the wood industry or to the insurance industry.
The tertiary sector of the economy, generally known as the service sector, is the third of the three economic sectors in the three-sector model. The others are the primary sector and the secondary sector (manufacturing).
The North American Industry Classification System or NAICS is a classification of business establishments by type of economic activity. It is used by government and business in Canada, Mexico, and the United States of America. It has largely replaced the older Standard Industrial Classification (SIC) system, except in some government agencies, such as the U.S. Securities and Exchange Commission (SEC).
Sic, as the label "[sic]" found immediately following a copy of text, indicates that a use that may seem erroneous is in fact transcribed faithfully.
The Standard Industrial Classification (SIC) was a system for classifying industries by a four-digit code as a method of standardizing industry classification for statistical purposes across agencies. Established in the United States in 1937, it is used by government agencies to classify industry areas. Similar SIC systems are also used by agencies in other countries, e.g., by the United Kingdom's Companies House.
Classification is a process related to categorization, the process in which ideas and objects are recognized, differentiated and understood. Classification is the grouping of related facts into classes. It may also refer to a process which brings together like things and separates unlike things.
In marketing, a product is an object, or system, or service made available for consumer use as of the consumer demand; it is anything that can be offered to a market to satisfy the desire or need of a customer. In retailing, products are often referred to as merchandise, and in manufacturing, products are bought as raw materials and then sold as finished goods. A service is also regarded as a type of product.
The Standard Occupational Classification (SOC) System is a United States government system of classifying occupations. It is used by U.S. federal government agencies collecting occupational data, enabling comparison of occupations across data sets. It is designed to cover all occupations in which work is performed for pay or profit, reflecting the current occupational structure in the United States. The 2010 SOC includes 840 occupational types.
The Harmonized Commodity Description and Coding System, also known as the Harmonized System (HS) of tariff nomenclature is an internationally standardized system of names and numbers to classify traded products. It came into effect in 1988 and has since been developed and maintained by the World Customs Organization (WCO), an independent intergovernmental organization based in Brussels, Belgium.
The United Nations Standard Products and Services Code (UNSPSC) is a taxonomy of products and services for use in eCommerce. It is a four-level hierarchy coded as an eight-digit number, with an optional fifth level adding two more digits.
Australian and New Zealand Standard Industrial Classification (ANZSIC) was jointly developed by the Australian Bureau of Statistics and Statistics New Zealand in order to make it easier to compare industry statistics between the two countries and with the rest of the world.
The International Standard Industrial Classification of All Economic Activities (ISIC) is a United Nations industry classification system. Wide use has been made of ISIC in classifying data according to kind of economic activity in the fields of employment and health data.
The Statistical Classification of Economic Activities in the European Community, commonly referred to as NACE, is the industry standard classification system used in the European Union. The current version is revision 2 and was established by Regulation (EC) No 1893/2006. It is the European implementation of the UN classification ISIC, revision 4.
A FIRE economy is any economy based primarily on the finance, insurance, and real estate sectors. Finance, insurance, and real estate are United States Census Bureau classifications. Barry Popik describes some early uses as far back as 1982. Since 2008, the term has been commonly used by Michael Hudson and Eric Janszen. It is New York City's largest industry and a prominent part of the service industry in the United States overall economy and other Western developed countries.
Product classification or product taxonomy is a type of economic taxonomy which organizes products for a variety of purposes. However, not only products can be referred to in a standardized way but also sales practices in form of the “Incoterms” and industries can be classified into categories.
The Refinitiv Business Classification (TRBC) is an industry classification of global companies. It was developed by the Reuters Group under the name Reuters Business Sector Scheme (RBSS), was rebranded to Thomson Reuters Business Classification (TRBC) when the Thomson Corporation acquired the Reuters Group in 2008, forming Thomson Reuters, and was rebranded again, to The Refinitiv Business Classification (TRBC), in 2020. Since the creation of Refinitiv in October 2018, TRBC has been owned and operated by Refinitiv and is the basis for Refinitiv Indices.
Industry classification or industry taxonomy is a type of economic taxonomy that classifies companies, organizations and traders into industrial groupings based on similar production processes, similar products, or similar behavior in financial markets.
An economic taxonomy is a system of classification of economic activity, including products, companies and industries. Some economists believe that the study of economic policy demands the use of a taxonomic/classificatory approach.
Taxonomy is the practice and science of categorization or classification.
The United States Economic Census is the U.S. federal government's official five-year measure of American business and the economy. It is conducted by the U.S. Census Bureau, and response is required by law. Forms go out to nearly 4 million businesses, including large, medium and small companies representing all U.S. locations and industries. Respondents are asked to provide a range of operational and performance data for their companies. Trade associations, chambers of commerce, and businesses use information from the economic census for economic development, business decisions, and strategic planning purposes. The last Economic Census was conducted for the year ending December 2017.
