Final answer:
The industry classification codes that are based on annual sales revenue or number of employers are abbreviated as SIC codes (Standard Industrial Classification) codes. SIC codes were used in the United States until 1997 when they were replaced by the NAICS (North American Industry Classification System) codes.
Step-by-step explanation:
The industry classification codes that are based on annual sales revenue or number of employers are abbreviated as SIC (Standard Industrial Classification) codes.
SIC codes were used in the United States until 1997 when they were replaced by the NAICS (North American Industry Classification System) codes, which are currently used. NAICS codes are more detailed and provide a more accurate representation of industries.
For example, a business involved in the manufacturing of electronic components would have a specific NAICS code like 334416, whereas it would have a generic SIC code like 3678.