Evaluate both the effectiveness and ineffectiveness of gambling and informal trading

Effectiveness of Gambling: It creates hope within an individual that they can win by doing something, Someone will win a big bang of bucks even though that is usually the minority, it can help a person go from poverty to wealth

Ineffectiveness: Many people have false hope, causes addiction to gambling so people never gain wealth but instead develop a habit of wasting money

Effectiveness of informal trading: more freedom for trading money for goods because seller can negotiate as they want , an informal trader doesn't have to provide for any employees in drastic lengths, informal traders can relocate easily because they dont do business in government owned buildings

Ineffectiveness: informal traders can change prices whenever and all the time as they need it, informal traders can often lie or deceive more conveniently
for their business

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Effectiveness and Ineffectiveness of Gambling and Informal trading

Effectiveness of Informal trading

No fixed place or location: the trading takes place on the public streets or  designated area No government tax or administrative fees: with limited source and planning Source of family income: informal trading to creates more jobs and income   Minimal capital to start: It's easy to start even with minimal capital

Non-effectiveness of informal trading

Flexible goods prices: sometimes the seller can change the market price No access to capital: because the trade happens on the street, no planning so it is hard for this kind of trading to borrow money from the bank No guarantee whatsoever for the consumer: high risk of scam trading Minimum planning or no planning

Effectiveness of gambling

A short-term for quick moneyCan stimulate the local economies A way for entertainmentThe winner needs to pay taxes  

Non-effectiveness of gambling

Can lead to gambling addiction Can lead to other serious problems such as poverty and mental illnessNo guarantee of wining Further Explanation

Informal trading is a business activity or practices with no fixed place and no government regulation, such as paying tax and another administration fee.  On the other hand, formal trading means all business activities monitored, protected and taxed by the government and every aspect is decided in advance. Informal trading plays an important role in the economy because it creates jobs, reduces poverty and increases family income.  

Learn more

Informal trading link

Gambling and informal trading link

Nomad trading link

Keywords: informal trading, formal trading, gambling

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