Question

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What is formal and informal sector ?​

Answer 1

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formal sector:-

• All the functioning and activities that are directly under the control of the government, it is called a Formal sector.
• Formal sectors represent all jobs with specific working hours and regular wages and the worker's job is assured.

informal sector:-

• informal sector enterprises, or as paid domestic workers by households.
• The informal sector uses capital and unskilled labor in production, and produces a non-traded consumption good.

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Answer 2

Answer:

The formal sector utilizes capital, unskilled labor and skilled labor in production, and produces a traded good which is both an investment and a consumption good.

The informal sector uses capital and unskilled labor in production, and produces a non-traded consumption good.

Explanation: