How to show parent/child relationship between categories in a list

I am using this code to display a list of categories in my classifieds section:

<?php $taxonomies = get_object_taxonomies( 'classifieds', 'objects' ); ?>
<?php foreach ( $taxonomies as $taxonomy_name => $taxonomy_object ): ?>
<?php $terms = get_terms( $taxonomy_name, array( 'hide_empty' => 0 ) ); ?>
<?php foreach ( $terms as $term ): ?>
<li><a href="<?php echo get_term_link( $term, $taxonomy_name ); ?>"><?php echo $term->name; ?></a></li>
<?php endforeach; ?>
<?php endforeach; ?>

Is there a way to make the list show the parent / child relationship between the categories?

So for example: