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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.
Product classification or product taxonomy is a type of economic taxonomy which organizes products for a variety of purposes. However, not only products can be referred to in a standardized way but also sales practices in form of the “Incoterms” and industries can be classified into categories. [1] Some standard product classifications include:
Industry classification or industry taxonomy is a type of economic taxonomy that classifies companies, organizations and traders into industrial groupings based on similar production processes, similar products, or similar behavior in financial markets.
ECLASS (formerly styled as eCl@ss) is a data standard for the classification of products and services using standardized ISO-compliant properties. The ECLASS Standard enables the digital exchange of product master data across industries, countries, languages or organizations.
The Industry Classification Benchmark (ICB) is an industry classification taxonomy launched by Dow Jones and FTSE in 2005 and now used by FTSE International and STOXX. It is used to segregate markets into sectors within the macroeconomy. The ICB uses a system of 11 industries, partitioned into 20 supersectors, which are further divided into 45 ...
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The taxonomy aims to classify innovation modes according to different sectoral groups and the flow of knowledge between such groups. It was first proposed by Science Policy Research Unit (SPRU) researcher Keith Pavitt at the University of Sussex and has since been applied in innovation research to describe and categorize industries and the ...
Most products fall into the search goods category (e.g. clothing, office stationery, home furnishings). Experience goods: those that can be accurately evaluated only after the product has been purchased and experienced. Many personal services fall into this category (e.g. restaurant, hairdresser, beauty salon, theme park, travel, holiday).