Economic taxonomy
Encyclopedia
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.

Widely used industry taxonomies include the International Standard Industrial Classification
International Standard Industrial Classification
The International Standard Industrial Classification of All Economic Activities is a United Nations system for classifying economic data. The United Nations Statistics Division describes it in the following terms:...

 (ISIC); national and regional taxonomies such as the United States Standard Industrial Classification
Standard Industrial Classification
The Standard Industrial Classification is a United States government system for classifying industries by a four-digit code. Established in 1937, it is being supplanted by the six-digit North American Industry Classification System , which was released in 1997; however certain government...

 (SIC), the North American Industry Classification System (NAICS), Statistical classification of economic activities in the European Community
Statistical classification of economic activities in the European Community
The Statistical Classification of Economic Activities in the European Community , commonly referred to as NACE, is a European industry standard classification system consisting of a 6 digit code.NACE is similar in function to the SIC and NAICS systems:*Standard Industrial...

 (NACE), the United Kingdom Standard Industrial Classification of Economic Activities
United Kingdom Standard Industrial Classification of Economic Activities
The United Kingdom Standard Industrial Classification of Economic Activities, or UKSIC, is a Standard Industrial Classification that is intended to help classify businesses according to the type of their economic activity....

, the Russian Economic Activities Classification System (OKVED); and proprietary taxonomies such as the Industry Classification Benchmark
Industry Classification Benchmark
The Industry Classification Benchmark is an industry classification taxonomy developed by Dow Jones and FTSE. It is used to segregate markets into sectors within the macroeconomy...

 and Global Industry Classification Standard
Global Industry Classification Standard
The Global Industry Classification Standard is an industry taxonomy developed by MSCI and Standard & Poor's for use by the global financial community. The GICS structure consists of 10 sectors, 24 industry groups, 68 industries and 154 sub-industries into which S&P has categorized all major...

. The international and national taxonomies are used by official statistical agencies. The proprietary taxonomies are often used in the financial services
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...

 industry to group similar investment vehicles and to construct sectorial stock market indices.

Pavitt's Taxonomy
Pavitt's Taxonomy
Pavitt's Taxonomy categorizes mostly large industrial firms along trajectories of technological change according to sources of technology, requirements of the users, and appropriability regime . The taxonomy aims to classify innovation modes according to different sectoral groups and the flow of...

 classifies firms by their principal sources of innovation.

MasterFormat
MasterFormat
MasterFormat is a standard for organizing specifications and other written information for commercial and institutional building projects in the U.S. and Canada . Sometimes referred to as the "Dewey Decimal System" of building construction, MasterFormat is a product of the Construction...

provides a taxonomy for organizing construction projects with the primary unit of differentiation consisting of a binary fail/no-fail tag. The majority of the users of MasterFormat fall into the first category.
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