Explain the Differences Between the Formal and Informal Economy

question 42

Essay

Explain the differences between the formal and informal economy.Apply a conflict-oriented perspective to explain why the informal economy disproportionately employs low-income, female, and immigrant workers.

---

Definitions:

Cultural Background

The environment, tradition, language, and social practices that individuals are raised in and identify with.

Interview Process

A structured interaction between a job applicant and an employer aimed at assessing the compatibility of the candidate with the job requirements and company culture.

Human Resource Services

A range of services offered by the HR department of an organization, aimed at managing and supporting its workforce effectively.

Payroll, Benefits

The process of compensating employees, including the calculation of wages and distribution of salaries, along with the provision of benefits such as health insurance, pensions, and leave entitlements.