Explain the North American Industry Classification System?
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Explain the North American Industry Classification System?
NAICS can be defined as a system of classification of the industries according to their operations and business nature. This system is valid for the countries of Mexico, the USA, and Canada. The plan was designed by the collaborative efforts of the US government and the Mexican Government.
The system's primary feature is that a unique number represents every industry or a particular business type. All the different segments of a company are notified by an impressive number, which makes the various parts' identification and differentiation easy.
The unique codes assigned to the different types of economic activity help conduct business practices. The system of NAICS makes the regulation of the business activities easy and robust.
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