Overview
Informal economies play a significant role in many societies, especially in developing countries. They provide essential services and employment opportunities for individuals who may not have access to formal job markets. These economies often operate outside government regulations, which can lead t...
Key Terms
Example: Street vendors selling food without permits.
Example: Informal economies contribute to the GDP of a country.
Example: Workers in informal sectors often lack job security.
Example: Informal businesses may not report income to avoid taxes.
Example: Freelancers often operate in the informal economy.
Example: Formal businesses must comply with regulations.
Related Topics
Key Concepts
informal sectoreconomic impactjob creationregulation