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What Does It Mean to Have a Hierarchical System of Classification

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What does it mean to have a hierarchical system of classification?


Definitions:

Transactions

are the actions or processes of buying, selling, or exchanging goods, services, or financial assets between two or more parties.

Market Maker

An individual or firm that continuously buys and sells securities in a financial market to ensure liquidity and stability of prices.

Bid

An offer made by an individual or company to buy a good, service, or asset at a specified price.

Ask

The lowest price a seller is willing to accept for an asset in financial markets.

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