Economic Development
1. What are the advantages and disadvantages of urbanization, and how important is the urban informal sector to economic growth and development. o The informal sector is characterized by a large number of small-scale production and service activities that are individually or family owned and use labor-intensive and simple technology. o Usually employees of this sector have little formal education, generally unskilled, and lack access to financial capital. o As a result, worker productivity and income tend to be lower in the informal sector than in the formal sector. o Workers in the informal sector do not enjoy the measure of protection afforded by the formal sector in terms of job security, decent working conditions, and old-age pensions. o Most workers entering this sector are recent migrants from rural areas unable to find employment in the formal sector.