The formal economy: (1) has an organised system of employment with clear written rules of recruitment, agreement and job responsibilities. (2) has a standardised relationship between the employer and the employee is maintained through a formal contract. (3) the employee is expected to … [Read more...] about Specific characteristics of the formal economy and informal economy
What is the difference between formal economy and informal economy?
Mr. ABC gets a job at a software company. His letter of appointment is enclosed with a contract explaining his job responsibilities. He gets a fixed salary in addition to incentives based upon his qualifications and experience. He works in an organized environment where his colleagues enjoy similar … [Read more...] about What is the difference between formal economy and informal economy?
