We demonstrate how to identify which physical processes dominate the low-energy spectral functions of correlated electron systems. We obtain an unambiguous classification through an analysis of the equation of motion for the electron self-energy in its charge, spin and particle-particle representations. Our procedure is then employed to clarify the controversial physics responsible for the appearance of the pseudogap in correlated systems. We illustrate our method by examining the attractive and repulsive Hubbard model in two-dimensions. In the latter, spin fluctuations are identified as the origin of the pseudogap, and we also explain why $d-$wave pairing fluctuations play a marginal role in suppressing the low-energy spectral weight, independent of their actual strength.
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