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Broadly there are two types of economic activities, the first is formal which is monitored by the legal and economic institutions of a country. These activities are performed by large businesses and enterprises. The other one is informal which is not taxed or monitored by the government or another local institution. These activities are usually carried out by small community owned enterprises or may be related to voluntary work. The informal economic activities are usually associated with developing countries.
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answered 5 months ago
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