Taxonomy List element display Item Categories and Item Locations in the content of your page. Displayed are all Parent taxonomies, you can navigate to subcategories after click on selected parent taxonomy.
Element options allow you to define if you would like to show only Item Categories, Item Locations or both of them. If you show both taxonomies at once, you can switch between them on the frontend. Note please the look of element on the frontend depends on already installed directory type theme.