The informal economy refers to economic activities and transactions that occur outside of government regulation, oversight, or taxation. This includes activities such as street vending, unregistered small businesses, and under-the-table employment. The informal economy is often characterized by a lack of legal protection for workers, low wages, and limited access to social safety nets. Researchers in this area study the impact of the informal economy on economic development, poverty alleviation, and social inequality. They also explore strategies to formalize informal economic activities and bring them into the formal economy.