Question

what is formal and informal sector

Answer 1

formal sectors:- banks.

informal sectors:- friends, relatives, big landowner, etc.

Answer 2

Answer:

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Explanation:

FORMAL SECTOR

formal sector is activities which are taxed and monitored by the government and the activities involved are included in the Gross Domestic Product(GDP).

INFORMAL SECTOR

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.

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