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Q. What is Formal Economy?

Formal Economy:Sector of the economy that produces services and goods in return for monetary payment, and is fully integrated into the formal structures (including tax systems) of the economy. It's distinct from the informal economy, in that exchange and production takes place on a non-monetary, subsistence, or barter basis.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9579320

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