Max spends most of his time in the house taking care of his children and his sister’s children. He cooks for them, takes them to school, and keeps an eye on them when they get out of school. In exchange for this help, his sister lends his family an extra apartment she has in her multifamily home. What is the term that sociologists use to refer to this kind of transaction?

Informal Economy

Explanation:

An informal economy is a segment of any society not taxed or controlled by some type of government. The concept is usually applied to self-employment in small unregistered enterprises.

Max spends most of his time in the house taking care of his children and his sister’s children in return his sister lends his family an extra apartment she has in her multifamily home. This situation is referred to as informal economy.

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