What's the difference between standard and common lookups in Fusion Applications?

Both standard and common lookups are used to define lists of values that users see in drop-down lists, selection fields, and so on. The difference between these two types of lookups is their scope and usage in the application. To reference a lookup type, first specify its scope (such as standard, common, or any other type), followed by the particular lookup type within that scope. For references made from predefined content, the scope is often predetermined.