What does the abbreviation SIC stands for?
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A. B. C. D.A
The abbreviation SIC stands for Standard Industrial Classification. It is a system that was developed by the U.S. government in the 1930s to classify and measure the economic activity of various industries in the United States.
The SIC system is used to group businesses into industries based on the type of products or services they produce. Each industry is assigned a unique four-digit code, and businesses are categorized based on their primary business activity. This classification system is used by a variety of government agencies, including the Census Bureau, the Bureau of Labor Statistics, and the Securities and Exchange Commission, to collect and analyze economic data.
The SIC system was replaced in 1997 by the North American Industry Classification System (NAICS), which is a more modern and comprehensive classification system that reflects changes in the U.S. economy. However, many businesses and government agencies still use the SIC codes for historical data and continuity purposes.
In summary, the correct answer to the question is A. Standard Industrial Classification.