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.
What will be an ideal response?
Ans: Varies. Formal economy: all work-related activities that provide income and are regulated by government agencies. Informal (or underground) economy: those income-generating economic activities that escape regulation by the governmental institutions that ordinarily regulate similar activities. Marginalized groups are more likely to be shut out of the formal economy and have their work devalued or undervalued, making them more likely to engage in the informal economy.
KEY: Learning Objective: 15.4: Distinguish between the formal and informal economy.
REF: Cognitive Domain: Application
Answer Location: The Formal Economy
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