Overview
Informal networks are crucial components of economic systems, providing support and resources that formal institutions may not offer. They facilitate job creation, enhance social capital, and foster entrepreneurship, particularly in local communities. Understanding these networks helps us appreciate...
Key Terms
Example: Friends helping each other find jobs.
Example: Community groups that support local businesses.
Example: Trusting a friend to recommend a good service.
Example: Helping a neighbor with their garden in return for help with yours.
Example: Street vendors selling food without permits.
Example: A friend recommending you for a position at their company.
Related Topics
Social Networks
Study of how individuals connect and interact within various social structures.
intermediateEntrepreneurship in Informal Sectors
Exploration of business activities that occur outside formal regulations.
advancedTrust in Economics
Understanding the role of trust in economic transactions and relationships.
intermediateKey Concepts
social capitalnetwork theoryinformal economytrust and reciprocity