Distinguish between formal and informal sector of employment with the help of suitable examples. Discuss the long term implications of increased demand for environmental resources exceeding their natural regenerative capacity.

Question

Accepted Answer

Distinguish between formal and informal sector:

Formal Sector:
1. Establishments with 10 or more workers
2. Registered with government
3. Follows labor laws
4. Provides social security benefits
5. Workers can form trade unions
6. Example: Government offices, large factories

Informal Sector:
1. Establishments with less than 10 workers
2. Not registered with government
3. Does not follow labor laws
4. No social security benefits
5. No trade unions
6. Example: Small shops, street vendors, agricultural laborers

Long-term implications of environmental resource demand exceeding supply:
1. Resource depletion
2. Environmental degradation
3. Climate change
4. Loss of biodiversity
5. Health hazards
6. Economic costs
7. Social conflicts

Need for sustainable development to balance economic growth with environmental conservation.