<P> The 1997 Economic Census was the first major statistical report based on the North American Industry Classification System (NAICS). Developed cooperatively by the U.S., Canada, and Mexico, NAICS replaced the Standard Industrial Classification (SIC) system to provide greater comparability with international statistics . </P> <P> The first survey of minority - owned businesses covered 1969, and a parallel program began for women - owned businesses for 1977 . Now titled the Survey of Business Owners, this program presents statistics according to the federal standard that allows respondents to report more than one race . The survey also gathers expanded characteristics of businesses and their owners, including age and veteran status of the owners and the identification of home - based business and participation in franchising . </P> <Ul> <Li> The economic census is the major source of facts about the structure and functioning of Nation's economy and provides vital information for government, business, industry and for general public . </Li> <Li> The economic census provide a vital part of the framework for such composite measures as the GDP, input and output measures, production and price indices, and other statistical series that measure the short term changes in economic conditions . </Li> <Li> Policy making agencies of the Federal Government use data, especially in monitoring economic activity and providing assistance to business . </Li> <Li> State and local governments use the data to access business activities and tax bases within their authorities and to develop programs to attract tourists . </Li> <Li> Trade associations study trends in their own and competing industries and keep their members informed of market changes . </Li> <Li> Individual businesses use data to locate potential markets and to study their own production and sales performance related to industry or area . </Li> </Ul> <Li> The economic census is the major source of facts about the structure and functioning of Nation's economy and provides vital information for government, business, industry and for general public . </Li>

What is the purpose of the economic census
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