The Classification System Used to Classify Firms into Industries Is

question 25

Multiple Choice

The classification system used to classify firms into industries is now called the ________ code.

• A) SIC
• B) NAICS
• C) ISO 57
• D) ISM

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Definitions:

Agricultural Products

Items produced through farming and agriculture, including crops, livestock, and other raw goods used for food, fabric, or industry.

Price Inelastic

A characteristic of a good or service whose demand does not significantly change when its price changes.

Agricultural Products

Goods derived from farming and the cultivation of soil, including crops and livestock.

Agricultural Industry

The sector of the economy focused on the production, processing, and distribution of food, fiber, and related products.