What is formal and informal sector .
Answers
Answer:
Formal sector:- Formal sector as activities that are taxed and monitored by the government and the activities involved are included in the Gross Domestic Product(GDP). ... Formal sectors represent all jobs with specific working hours and regular wages and the worker's job is assured.
Informal sector:- An informal is the part of any economy that is neither taxed nor monitored by any form of government. Although the informal sector makes up a significant portion of the economies in developing countries, it is sometimes stigmatized as troublesome and unmanageable.
Explanation:
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.
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