what is industry. Classify the industry
Answers
Answer:
Industry classification
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Industry classification or industry taxonomy is a type of economic taxonomy that organizes companies into industrial groupings based on similar production processes, similar products, or similar behavior in financial markets.
Many are used by national and international statistical agencies to summarize economic conditions. They are also used by securities analysts to understand common forces acting on groups of companies, to compare companies' performance to their peers', and to construct either specialized or diversified portfolios.[1]
Contents
1 Sectors and industries
2 List of classifications
3 See also
4 Notes
5 References
Sectors and industries
Industries can be classified in a variety of ways. At the top level, industry is often classified according to the three-sector theory into sectors: primary (extraction and agriculture), secondary (manufacturing), and tertiary (services). Some authors add quaternary (knowledge) or even quinary (culture and research) sectors. Over time, the fraction of a society's industry within each sector changes.
Below the economic sectors are more detailed classifications. They commonly divide industries according to similar functions and markets and identify businesses producing related products.
Industries can also be identified by product, such as: construction industry, chemical industry, petroleum industry, automotive industry, electronic industry, power engineering and power manufacturing (such as gas or wind turbines), meatpacking industry, hospitality industry, food industry, fish industry, software industry, paper industry, entertainment industry, semiconductor industry, cultural industry, and poverty industry.
Market-based classification systems such as the Global Industry Classification Standard (GICS), the Industry Classification Benchmark (ICB) and The Refinitiv Business Classification (TRBC) are used in finance and market research.
List of classifications
A wide variety of taxonomies is in use, sponsored by different organizations and based on different criteria.
Abbreviation Full name Sponsor Criterion/
unit Node count by level Issued
ANZSIC Australian and New Zealand Standard Industrial Classification Governments of Australia and New Zealand 1993, 2006
BICS Bloomberg Industry Classification Standard[2] Bloomberg L.P. 10/.../2294
GICS Global Industry Classification Standard Standard & Poor's, Morgan Stanley Capital International market/
company 2-8 digits
10/24/68/154 1999
HSICS Hang Seng Industry Classification System[3] Hang Seng Indexes Company Revenue source 11/31/89
IBBICS Industry Building Blocks[4] Industry Building Blocks Market line of business 19/130/550/3000/20200 2002
ICB Industry Classification Benchmark FTSE market/
company 10/20/41/114
ISIC International Standard Industrial Classification of All Economic Activities United Nations Statistics Division production/
establishment 4 digits
21/88/238/419 1948–present (Rev. 4, 2008)
MGECS Morningstar Global Equity Classification System[5] Morningstar, Inc. Securities behavior 3/14/69/148
NACE Statistical Classification of Economic Activities in the European Community European Union production/
establishment 6 digits 1970, 1990, 2006
NAICS North American Industry Classification System Governments of the United States, Canada, and Mexico production/
establishment 6 digits
17/99/313/724/1175 (/19745)1 1997, 2002, 2012
RBICS FactSet Revere Business Industry Classification System FactSet, acquired in 2013[6] line of business 11000
SIC Standard Industrial Classification Government of the United States production/
establishment 4 digits
1004 categories 1937–1987 (superseded by NAICS, but still used in some applications)
SNI Swedish Standard Industrial Classification Government of Sweden
TRBC The Refinitiv Business Classification Refinitiv market/
company 10 digits
13/33/62/154/898[7]
2004, 2008, 2012, 2020[8]
UKSIC United Kingdom Standard Industrial Classification of Economic Activities Government of the United Kingdom 1948-present (2007)
UNSPSC United Nations Standard Products and Services Code United Nations Product 8 digits (optional 9th) (four levels) 1998 - present
Explanation:
Answer:
An industry is a group of companies that are related based on their primary business activities
There are four types of industry-
These are primary, secondary, tertiary and quaternary.
Primary industry involves getting raw materials e.g. mining, farming and fishing.
Secondary industry involves manufacturing e.g. making cars and steel. .
Quaternary industry involves research and development industries e.g. IT.
Tertiary belongs to the service sector