International Standard Industrial Classification
Okay kiddo, let me explain the International Standard Industrial Classification (ISIC) to you.
ISIC is a special way that countries all over the world use to classify and group different kinds of businesses together based on what they do. It's like a giant list of all the different jobs and companies in the world!
It's really important for people who make decisions about businesses like government officials, economists, and researchers, to have a way to understand the different types of businesses, and how they fit into the larger economy.
For example, if you wanted to know how many bakeries there are in the whole world, you might look up the ISIC code for "Manufacture of bread, pastry and cakes" and find out that there are millions of bakeries all over the world!
The ISIC is used by different countries in different ways, but it's always meant to make it easier for people to understand what businesses do, and how they relate to each other.
So, that's it in a nutshell! ISIC is a way of organizing businesses into categories, so grown-ups can better understand the economy.
ISIC is a special way that countries all over the world use to classify and group different kinds of businesses together based on what they do. It's like a giant list of all the different jobs and companies in the world!
It's really important for people who make decisions about businesses like government officials, economists, and researchers, to have a way to understand the different types of businesses, and how they fit into the larger economy.
For example, if you wanted to know how many bakeries there are in the whole world, you might look up the ISIC code for "Manufacture of bread, pastry and cakes" and find out that there are millions of bakeries all over the world!
The ISIC is used by different countries in different ways, but it's always meant to make it easier for people to understand what businesses do, and how they relate to each other.
So, that's it in a nutshell! ISIC is a way of organizing businesses into categories, so grown-ups can better understand the economy.