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hi

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Informal sector supports in the process of producing high value added goods through its labour

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racial slurs

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N

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provides income and employment to all people regardless of education, 

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Informal and formal businesses in the same industry may compete unequally as there is a difference in costs for labour and taxes

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What are two advantages and two disadvantages of the informal economy?

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Advantages of informal sector in community 

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Advantages of informal sector in community 

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Informal employment benefits those who live in poverty and are u

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guys, what the hell is happening here, why are most people just calling everyone idiots?

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hey guys this was rly helpful thank you HAHAHA

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Outline two advantages and two disadvantages of the (formal) or (informal) economy.
Make sure your name is on the top of your answer.
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millreef
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Outline two advantages and two disadvantages of the (formal) or (informal) economy.
Make sure your name is on the top of your answer.
Avatar of millreef
millreef
 +  35
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hi :) thanks for mak
hi :) thanks for making this public it was v helpful
However, the informal eco
However, the informal economy has many disadvantages. One of them would be the incidence of child labour is very prevalent, such as children selling postcards, souvenirs, etc in India.
the two major types of co
the two major types of companies are called the Sociedad Anónima and the Sociedad de Responsabilidad Limitada.
Bob Ross
Bob Ross
amazing points guys good job but why is this public 
dumbass
dumbass
Empty
some empl
 some empl
Hhhhh
Hhhhh
Informal Business (Advantages)
Informal Business (Advantages)
1.Follow formal procedures and policies where necessary 
2. Are large or small in size
Low wages are paid to wor
Low wages are paid to workers
Generally a poor quality working environment 
Uncertain and unreliable employment 
People who work in unoffi
People who work in unofficial and unregistered jobs such as vendors and street cleaners are working in the informal economy. Informal employment benefits those who live in poverty and are unemployed as they are able to earn some income  to support their low standard of living while at the same time they don't have to pax tax to the government as their jobs are not officially recognised. However, there is a risk for those who work in the informal economy as they are not benefit from any health insurance or policies. Moreover,  basic rights of children who beg at the street might face risk of exploitation by street gangs which makes informal economy unsafe.  
Organised system of emplo
Organised system of employment
-standardized relationship between employee and employer
benefits of informal sector
benefits of informal sector


Informal sector
Informal sector
Challenges 
Challenges 
You all are idiots 😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂
You all are idiots 😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂
hi :) thanks for mak
hi :) thanks for making this public it was v helpful
However, the informal eco
However, the informal economy has many disadvantages. One of them would be the incidence of child labour is very prevalent, such as children selling postcards, souvenirs, etc in India.
the two major types of co
the two major types of companies are called the Sociedad Anónima and the Sociedad de Responsabilidad Limitada.
Bob Ross
Bob Ross
amazing points guys good job but why is this public 
dumbass
dumbass
Empty
some empl
 some empl
Hhhhh
Hhhhh
Informal Business (Advantages)
Informal Business (Advantages)
1.Follow formal procedures and policies where necessary 
2. Are large or small in size
Low wages are paid to wor
Low wages are paid to workers
Generally a poor quality working environment 
Uncertain and unreliable employment 
People who work in unoffi
People who work in unofficial and unregistered jobs such as vendors and street cleaners are working in the informal economy. Informal employment benefits those who live in poverty and are unemployed as they are able to earn some income  to support their low standard of living while at the same time they don't have to pax tax to the government as their jobs are not officially recognised. However, there is a risk for those who work in the informal economy as they are not benefit from any health insurance or policies. Moreover,  basic rights of children who beg at the street might face risk of exploitation by street gangs which makes informal economy unsafe.  
Organised system of emplo
Organised system of employment
-standardized relationship between employee and employer
benefits of informal sector
benefits of informal sector


Informal sector
Informal sector
Challenges 
Challenges 
You all are idiots 😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂
You all are idiots 😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂

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help_outline

more_horiz
Outline two advantages and two disadvantages of the (formal) or (informal) economy.
Make sure your name is on the top of your answer.
Avatar of millreef
millreef
 +  35
●
13d
hi :) thanks for mak
hi :) thanks for making this public it was v helpful
However, the informal eco
However, the informal economy has many disadvantages. One of them would be the incidence of child labour is very prevalent, such as children selling postcards, souvenirs, etc in India.
the two major types of co
the two major types of companies are called the Sociedad Anónima and the Sociedad de Responsabilidad Limitada.
Bob Ross
Bob Ross
amazing points guys good job but why is this public 
dumbass
dumbass
Empty
some empl
 some empl
Hhhhh
Hhhhh
Informal Business (Advantages)
Informal Business (Advantages)
1.Follow formal procedures and policies where necessary 
2. Are large or small in size
Low wages are paid to wor
Low wages are paid to workers
Generally a poor quality working environment 
Uncertain and unreliable employment 
People who work in unoffi
People who work in unofficial and unregistered jobs such as vendors and street cleaners are working in the informal economy. Informal employment benefits those who live in poverty and are unemployed as they are able to earn some income  to support their low standard of living while at the same time they don't have to pax tax to the government as their jobs are not officially recognised. However, there is a risk for those who work in the informal economy as they are not benefit from any health insurance or policies. Moreover,  basic rights of children who beg at the street might face risk of exploitation by street gangs which makes informal economy unsafe.  
Organised system of emplo
Organised system of employment
-standardized relationship between employee and employer
benefits of informal sector
benefits of informal sector


Informal sector
Informal sector
Challenges 
Challenges 
You all are idiots 😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂
You all are idiots 😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂

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hi :) thanks for making this public it was v helpful

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However, the informal economy has many disadvantages. One of them would be the incidence of child labour is very prevalent, such as children selling postcards, souvenirs, etc in India.

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the two major types of companies are called the Sociedad Anónima and the Sociedad de Responsabilidad Limitada.

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amazing points guys good job but why is this public

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dumbass

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Sign up for a free account to save your text, create notes, access additional reading modes, and more

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1.Follow formal procedures and policies where necessary
2. Are large or small in size

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Low wages are paid to workers
Generally a poor quality working environment 
Uncertain and unreliable employment 

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People who work in unofficial and unregistered jobs such as vendors and street cleaners are working in the informal economy. Informal employment benefits those who live in poverty and are unemployed as they are able to earn some income  to support their low standard of living while at the same time they don't have to pax tax to the government as their jobs are not officially recognised. However, there is a risk for those who work in the informal economy as they are not benefit from any health insurance or policies. Moreover,  basic rights of children who beg at the street might face risk of exploitation by street gangs which makes informal economy unsafe.  

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Organised system of employment
-standardized relationship between employee and employer

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Informal sector

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Challenges

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Areesha
Advantages:

Meets local demand by supplying low priced industrial goods.

Provides employment  to a large number of the population

Makes use of local raw materials thus no burden on imports

Disadvantages:

Low wages are paid to workers

Generally a poor quality working environment

Uncertain and unreliable employment

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ormal Economy - Usually requires qualifications or experience, and is harder to ge

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Informal economy:
Advantages:
1. Flexibility
2. No taxes
Disadvantages:
1. Low job security
2. Usually low paying, without benefits 

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Advantages of informal economy :
Formal and informal businesses in the same industry compete on unequal playing fields

Disadvantage of informal economy:
Not controlled by the government
No tax collection by government and creates problems in economic policy

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Advantages :
Formal economy - stable income on a contract and therefore security
Have benefits such as health insurance, housing alowance, insurance..
Informal economy - You do not have to be qualified, work for yourself and not set amount of hours

Disadvantages:
Formal Economy - Usually requires qualifications or experience, and is harder to get into
Informal ECONOMY - can be illegal and iws irregular in regards to amount earned, some days you may earn a lot and other days nothing therefore leaves you unable to plan financially

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The informal economy is an economy which is not monitored or taxed by the government. The activities which take place in this part of the economy do not contribute to a country's GDP or GNP and it expands to include wage employment in unprotected jobs.

Advantages of the informal economy include large scale employment, although it is in the black market. An example of this would be hawkers on the streets.
Another advantage of this economy is that some employers pay well because company owners do not have many tax obligations.

However, the informal economy has many disadvantages. One of them would be the incidence of child labour is very prevalent, such as children selling postcards, souvenirs, etc in India.
Furthermore, there is lack of security. Since it is not monitored by the government, someone working in the informal economy would not have a minimum wage, health and safety arrangements or social security arrangements.

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Informal Economy:
Two disadvantages
-  It is not controlled by the government
-  Informal and formal businesses in the same industry may compete unequally as there is a difference in costs for labour and taxes
Two advantages:
-  Informal economy can be spread rapidly through communication, without following the scalar chain
-

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advantages Formal:
- high profit
disadvantages formal:
- less marketing required
Advantages informal:
- Large scale employment opportunities.
-Direct interaction of employee to employer.
Disadvantages Informal:
-As it is not controlled or regulated by govt. Workers of informal economy donot get benefits like access to social security arrangements, payments of minimum wages, improved safety and health arrangements.
-May include child labour

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formal economy definition
Sector which encompasses all jobs with normal hours and regular wages, and are recognized as income sources on which income taxes must be paid.
Advantages
1. Job security
has a standardised relationship between the employer and the employee is maintained through a formal contract.
2. working hours and environment
mostly work in organised and clean environment. In most of the cases, employees in formal economy are expected to work for fixed hours and receives fixed salaries in addition to incentives and perks.

Disadvantages
1. Pay taxes compared to informal economy
As there are official contracts and recognised by government. The income will be taxed
2. Requires certain skill and experience
Formal economy usually requires qualifications and interviews before employing workers. The difficulty of getting a job in the formal sector is harder than the informal sector. For example, companies might require their applicants being at least graduated from University. Therefore, a portion of applicants will not be considered.

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Informal:

The advantages of the informal economy is that it provides income and employment to all people regardless of education, experience that a formal economy is deemed to be relying on.

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Informal economy:
Advantages:
1. Flexibility
2. No taxes
Disadvantages:
1. Low job security
2. Usually low paying, without benefits

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Formal economy - fixed employment -> will get regular wages
- have benefits (healthcare, insurance, tax reduction etc)
Disadvantages
- might be limited by red tap (regulations and paperwork)

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People who work in unofficial and unregistered jobs such as vendors and street cleaners are working in the informal economy. Informal employment benefits those who live in poverty and are unemployed as they are able to earn some income to support their low standard of living while at the same time they don't have to pax tax to the government as their jobs are not officially recognised. However, there is a risk for those who work in the informal economy as they are not benefit from any health insurance or policies. Moreover,  basic rights of children who beg at the street might face risk of exploitation by street gangs which makes informal economy unsafe.

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informal
+ not taxed - all profits gained will be yours
+ no need for a formal education/work experience - anyone can get into the market, so the unemployed/less educated can have a source of income
- no job security - the job could be easily lost for a variety of reasons, cutting off a source of income
- no job benefits - if the employee gets hurt, there isn't healthcare or health insurance for them to fall back on, making it dangerous to work in situations that can easily result in injury

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Informal Economy
Advantage:
Large Scale employment opportunities
Some employers are paid well because company owners do not have many tax obligations

Disadvantage:
Not controlled or regulated by the government
Incidence of child labor is widespread in Informal economies

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Formal

Advantages:
-Organised system of employment
-standardized relationship between employee and employer

Disadvantages:
-taxes
-may not apply to rural communities

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formal economy
-government can make money, tax them
-regulated and so it is more safe
-hard for people who want to start up a business
-hard for recent arrivals and immigrants