Question

Similarities between formal and informal sector

Answer 1

Answer:

In contrast to formal economy is the informal sector which is neither taxed nor included in the GDP and Gross national product (GNP) of a country. ... Conversely, informal or unorganized sectors are the ones where the employees or the workers do not have regular working hours and wages and are exempted from taxes.

Explanation:

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Answer 2

The similarities between formal and informal sector are that both the sectors require the resources of capital and labor for the production of goods

Explanation:

• The formal and informal sectors work on certain methods that are based on norms, regulations and values for the process of manufacturing of goods. The people work together in both the sectors with objective of producing the goods
• Both the sectors have a an objective of satisfying their customers. Both the sectors require capital and labor for the productivity of goods. Both the sectors are involved in the agricultural sectors in their own ways
• The labor from an informal sector can always move to the formal sectors. They can be trained to work in the formal sectors. There are many workers and labor who move from the informal sectors to work in the formal sectors

To know more about formal sectors

What is the formal sector and informal sector of credit . Distinguish between formal and informal sector credit

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