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'When an industry attempts to police itself with the guidelines for practice, this may help the industry to avoid government interference. this idea is known as self regulation
In terms of macroeconomics, an industry is a division of an economy that creates a group of goods, services, or raw materials that are closely tied to one another. Examples are the timber industry and the insurance industry.
Industry classifications typically use a group or company's primary source of revenue to categorise it within a particular industry when evaluating it. For instance, the International Standard Industrial Classification (ISIC), which is used directly or through derived classifications for the official statistics of the majority of countries worldwide, categorises "statistical units" according to the "economic activity in which they primarily engage." Following that, industry is described as "a set of statistical units that fall under the same ISIC category."
Learn more about industry here:
'When an industry attempts to police itself with the guidelines for practice, this may help the industry to avoid government interference. this idea is known as self regulation
In terms of macroeconomics, an industry is a division of an economy that creates a group of goods, services, or raw materials that are closely tied to one another. Examples are the timber industry and the insurance industry.
Industry classifications typically use a group or company's primary source of revenue to categorise it within a particular industry[3] when evaluating it. For instance, the International Standard Industrial Classification (ISIC), which is used directly or through derived classifications for the official statistics of the majority of countries worldwide, categorises "statistical units" according to the "economic activity in which they primarily engage." Following that, industry is described as "a set of statistical units that fall under the same ISIC category."
Learn more about industry here:
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