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Formal economy

Wikis > Formal economy

The formal economy is defined by the exchange of labour (product or service) for a recognized form of currency. It encompasses all jobs with normal hours and regular wages, and are recognized as income sources on which income taxes must be paid.

References:

Business Dictionary.com, “Formal sector.” Online: http://www.businessdictionary.com/definition/formal-sector.html (Retrieved on August 14, 2014)

Canada Career Information Partnership. A Career Development Resource for Parents: Helping parents explore the role of coach and ally. 2006. Online: http://www.ccdf.ca/ccdf/wp-content/uploads/2010/12/a_career_development_resource_for_parents_e.pdf (Retrieved on May 27, 2014)

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