Describe the following types of businesses and give one example for each 1informal businesses =Example 2 formal businesses =Example

Here are the descriptions and examples for each type of business:

1.1 Informal businesses are typically unregistered, unregulated, and often operate on a small scale without formal contracts or tax payments. They are usually cash-based and have low barriers to entry.
Example: A street vendor selling snacks or vegetables.

1.2 Formal businesses are registered with the government, comply with laws and regulations, pay taxes, and often have formal structures, contracts, and employee benefits.
Example: A supermarket chain like Shoprite or Pick n Pay.