Question

✎Describe ❝two different credit situations❞✒​

Answer 1

Answer:

♦ Formal Sector- It includes banks and cooperatives that extend loans to households for entrepreneurship and other personal needs. The rates of interest charged by them are low...

♦ Informal Sector- It includes moneylenders, traders, employers, relatives, and friends...

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Answer 2

Answer:

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✨formal sector

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.

✨informal sector

The informal sector, informal economy, or grey economy is the part of an economy that is neither taxed, nor monitored by any form of government. Opposite of formal sector.

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✨answer✨

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