Informal Sector Flashcards
Informal Sector
part of the country’s economy that is not recognized or acknowledged by the government as normal income sources. They do not pay taxes.
Another term for informal economy is…
Underground Economy,
Black Economy,
Gray Economy,
Shadow Economy
How can informal economy help the unemployed?
It can be their source of income and employment for those who lack the skill needed in a particular job.
Lack of job security
There aren’t any laws to protect the people in the informal economy. Thus, they can be treated differently or discriminated.
Poor working conditions
their jobs are unstable and they can be fired without any notice
No benefits
they have limited access to healthcare, benefits, social protection, and pensions. They do not have access to sick leave, maternity leave, or file any leave at all, making it harder for them to care for themselves and their families.
Magna Carta of Women
provides job opportunities, freedom, security, equity, and human dignity.
Go Negosyo Act
strengthens the MSME’s to make more job opportunities to reduce poverty.
National Health Insurance
makes healthcare accessible and affordable.
TESDA
helps develop skill and boost chances of employability
4P’s
provides financial assistance, education, and health services
Why do nations trade?
because it benefits everyone involved. It helps deal with scarcity.
What does trading result to?
stronger relationships,
better use of resources,
economic growth
Absolute Advantage
being able to produce goods more efficiently at less cost
