With reference to the equivalence theorem, we discuss the selection of basis operators for effective field theories in general. The equivalence relation can be used to partition operators into equivalence classes, from which inequivalent basis operators are selected. These classes can also be identified as containing Potential-Tree-Generated (PTG) operators, Loop-Generated (LG) operators, or both, independently of the specific dynamics of the underlying extended models, so long as it is perturbatively decoupling. For an equivalence class containing both, we argue that the basis operator should be chosen from among the PTG operators, because they may have the largest coefficients. We apply this classification scheme to dimension-six operators in an illustrative Yukawa model as well in the Standard Model (SM). We show that the basis chosen by Grzadkowski {\it et. al.} \cite{Grzadkowski:2010es} for the SM satisfies this criterion. In this light, we also revisit and verify our earlier result \cite{Arzt:1994gp} that the dimension-six corrections to the triple-gauge-boson couplings only arise from LG operators, so the magnitude of the coefficients should only be a few parts per thousand of the SM gauge coupling if BSM dynamics respects decoupling. The same is true of the quartic-gauge-boson couplings.

v2:Revised to include additional references, comments on renormalization, other minor changes. v3: Revised to add additional references, comment on quartic couplings, minor corrections