Definition: Informal Sector

Informal Sector - "the part of the LDC urban economy with small-scale individual, family, or other firms with less than 10 workers, with wages below official minimum wages, with labor-intensive production and few capital, skills, and entry barriers. The sector is often not recorded in official statistics. In many low-income countries, it provides a major source of urban employment." - source: Economic Development 4th Edition by E. Wayne Nafziger

No comments:

Post a Comment