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Economics

Study Notes

Informal Labour Market (Labour Markets)

Level:
AS, A Level, IB
Board:
AQA, Edexcel, OCR, IB, Eduqas, WJEC

Also known as the “grey” market, shadow economy, or black economy. This is the part of the economy that is not taxed or regulated by government, and therefore does not feature in the GDP statistics for that country.

People working in the informal labour market are likely to be paid in cash, and may undertake work such as domestic cleaning / gardening, babysitting, car-washing and is characterised by unstable employer-employee relationships. Informal work is often vitally important to the poor.

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