Question

The system that provides common industry definitions for Canada, Mexico, and the United States, which makes it easier to measure economic activity in the three member countries of the North American Free Trade Agreement (NAFTA) is referred to as:______.

Answer 1

Answer:

North American Industry Classification System (NAICS)

Explanation:

North American Industry Classification System (NAICS): It is a system or standard code been used in classifying business by the type of economic activity. These data been used by government and business of United sates, Mexico and Canada. This system make the measurement of industrial, reseller, and government markets easier. NAICS provides common industry definitions for Canada, Mexico, and the United States, which makes it easier to measure economic activity in the three member countries of the North American Free Trade Agreement (NAFTA). NAIC has replaced standard industrial classification (SIC) system, which was in place for 50 years.