Advantages of informal sector in an economy.
- Widens tax base i increases government revenue.
- Promote development of entrepreneurial skill /abilities.
- Facilitates the process of industrialization/increased output/ GDP / Economic growth.
- Promotes resource utilization
- Produces cheap goods/ at affordable prices.
- Reduces income inequality.
- Promote commercialization of economy/reduce subsistence production
- Widens consumer choices/produces a variety of product
- Provides employment to local population
- Promotes development of technology/technical innovation and invention.
CATEGORIES Economics
TAGS Dr. Bbosa Science
