They may only be able to work a few hours a day through temporary employment for low wages. They may be unable to be hired, perhaps legally, by an employer in a formal business sector. ![]() Sometimes their earning opportunities are scarce. People do not always choose to work in the informal sector. In developing countries, the majority of the working population capable of holding jobs earn their income through self-employment in the informal business sector. An informal business sector is the part of an economy that is not taxed, not included in any gross national product, and not monitored by any form of government. In other words, a formal business economy is comprised of the recognized income sources on which income taxes must be paid.Īn informal business sector is the opposite of a formal business sector. ![]() A formal business sector is the sector of an economy that encompasses all jobs with normal hours and regular wages. ![]() The difference between a formal business sector and an informal business is best explained by first describing the formal business sector.
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