An economic sector that is very common in LVC countries and consists of enterprises having the following characteristics among others : small scale of operation, easy entry into the market, reliance on local resources, family rather than corporate ownership, staff skills acquired outside the formal school system or on-the-job, ability to operate in an unregulated and competitive market.
Used in various ways, sometimes interchangeably with the terms shadow economy, hidden economy, black market, and parallel economy. In enterprise development, the term usually refers to small, unregistered firms operating below the level of taxing and regulatory monitoring.
casual, irregular work, e.g. street selling.
the part of an economy that is characterized by private, usually small-scale, labor-intensive, largely unregulated, and unregistered manufacturing or provision of services.
Individuals and enterprises that engage in economic activity that takes place outside the formal norms of economic transactions established by the state and formal business practices but which is not clearly illegal in itself.
A term which is commonly used to encompass petty trading, self-employment, casual and irregular waged work, employment in personal services or in very small ‘micro' enterprises in manufacturing and services.
Non-registered, but legal enterprises or under-the-table businesses such as street vendors and babysitters.
Not within formal or legal sector and therefore not raised and not provided with services. Not able to use assets as collateral for new productive investment.