logo image

Different industries Essay

Different industries are now being categorized or grouped under the new classification system known as the North American Industry classification system. (NAICS). The office of management and Budget (OBM) came up with the new system to replace the old system, which is the US Standard Industrial Classification system (SIC). The structure of NAIC taxonomy is based on a production-oriented or supply- based conceptual framework instead of an output – based framework.

The purpose of an Industrial Classification System is basically to try to group Industries and categorize firms according to common characteristics so that one can categorize specific statistical information such as import or export, employment, tax revenues, and or wage information (William and Weinstein, 2004). The OMB can classify or code any business or establishment into an industry.

Not only is the work of classifying or coding the Industry the work that NAICS does. In addition it makes it possible to compare industry statistics among international, state, and local economies. This was not the case with the US standard industrial classification system. In the SIC one cannot make direct comparison between countries. This is why the OBM decided to replace it with NAICS.

The new classification system now caters for new and

Need essay sample on "Different industries"? We will write a custom essay sample specifically for you for only $ 13.90/page

emerging industries, especially those that are considered to be highly technological and other sectors that have similar production processes. The NAICS uses a six-digit code, whereby the first two digits identify the general sector, while the third, fourth and fifth digits are more specific to the operations of the sectors. Each sector is divided into many groups and each group is further separated into specific production shown by five and six digit codes (Leo, 2005).

Can’t wait to take that assignment burden offyour shoulders?

Let us know what it is and we will show you how it can be done!
Sorry, but copying text is forbidden on this website. If you need this or any other sample, please register

Already on Businessays? Login here

No, thanks. I prefer suffering on my own
Sorry, but copying text is forbidden on this website. If you need this or any other sample register now and get a free access to all papers, carefully proofread and edited by our experts.
Sign in / Sign up
No, thanks. I prefer suffering on my own
Not quite the topic you need?
We would be happy to write it
Join and witness the magic
Service Open At All Times
Complete Buyer Protection
Plagiarism-Free Writing

Emily from Businessays

Hi there, would you like to get such a paper? How about receiving a customized one? Check it out https://goo.gl/chNgQy

We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy