Question

What are formal and informal sector?

Answer 1

Answer:

Formal sectors represent all jobs with specific working hours and regular wages and the worker's job is assured. ... 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:

Answer 2

Explanation: The formal sector utilizes capital, unskilled labor, and skilled labor in production, and produces a traded well 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.

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