Question

define the following terms
1. formal sector
2. informal sector

it's heritage studies

Answer 1

see the attachment for snswer.

Answer 2

The informal sector, informal economy, or grey economy[1][2] is the part of an economy that is neither taxed nor monitored by any form of government. Unlike the formal economy, activities of the informal economy are not included in a country's gross national product (GNP) or gross domestic product (GDP).[3] The informal sector can be described as a grey market in labour.

Sector which encompasses all jobs with normal hours and regular wages, and are recognized as income sources on which income taxes must be paid. Opposite of informal sector.