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An informal economy (informal sector or grey economy) [1] [2] is the part of any economy that is neither taxed nor monitored by any form of government. Although the informal sector makes up a significant portion of the economies in developing countries, it is sometimes stigmatized as troublesome and unmanageable.
This is unlike a large open economy, the actions of which do affect world prices and income. For example, if the U.S. economy is in recession then the world economy is likely to suffer. On the other hand, a recession in a small open economy like Norway will likely not impact the world economy to a great extent.
An economic system can be considered a part of the social system and hierarchically equal to the law system, political system, cultural and so on. There is often a strong correlation between certain ideologies, political systems and certain economic systems (for example, consider the meanings of the term "communism"). Many economic systems ...
Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs) are businesses whose personnel and revenue numbers fall below certain limits. The abbreviation "SME" is used by many national agencies and international organizations such as the World Bank, the OECD, European Union, the United Nations, and the World Trade Organization (WTO).
The world economy or global economy is the economy of all humans in the world, referring to the global economic system, which includes all economic activities conducted both within and between nations, including production, consumption, economic management, work in general, financial transactions and trade of goods and services.
An oligopsony (from Greek ὀλίγοι (oligoi) "few" and ὀψωνία (opsōnia) "purchase") is a market form in which the number of buyers is small while the number of sellers in theory could be large. This typically happens in a market for inputs where numerous suppliers are competing to sell their product to a small number of (often large ...
BI-LO supermarket. A supermarket is a self-service shop offering a wide variety of food, beverages and household products, organized into sections.Strictly speaking, a supermarket is larger and has a wider selection than earlier grocery stores, but is smaller and more limited in the range of merchandise than a hypermarket or big-box market.
A convenience store may also be called a cold store, party store (), bodega (New York City), carry out, mini-market, mini-mart, corner shop, deli or milk bar (Australia), dairy (New Zealand), superette (New Zealand, parts of Canada, and in parts of the US), corner store (many parts of English-speaking Canada and New England), a späti (from 'spätkauf' (lit. 'buy-late') in Germany, a konbini ...