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.

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Definitions:

Advantages

Benefits or favorable aspects that give an individual or group an edge over others.

Power Sources

Identifies the origins or bases from which power is derived, which can include economic, social, or political forces.

Nonhuman Machinery

Refers to mechanical or electronic devices not based on or derived from living organisms, often used in contexts highlighting interaction with human activities or societal implications.

Modernity

A historical period characterized by the movement towards industrialization, democratization, rationalization, and the emergence of modern society's norms and institutions.