Question

What is a formal economy?

Answer 1

@stnorton

Answer 2

A formal economy is an official economy, as recognized by the government and baised on paid employment

Answer 3

Thank you so much!

Answer 4

How about an informal economy?

Answer 5

The informal sector or informal economy is that part of an economy that is not taxed, monitored by any form of government

Answer 6

Formal economy encompasses all jobs with normal hours and regular wages, and which are recognized as an income sources on which income taxe must be paid and vise versa