Social Studies, 10.12.2019 08:31, mcccreamullinsr

Describe how poor people are able to earn a living using gambling and informal trade as a strategy

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Gambling gives the largest sum of reward with little amount of initial capital, but it possesses the highest risk in term of return.
Poor people could use this as a one way ticket to wealth, but they need to put luck into consideration, so it's not really reliable.

Informal trade is more reliable compared to gambling, but it could be somewhat illegal or unethical.
In informal trade, the people could avoid paying taxes and receive the profit in larger sum.

answered: jyah

Describe how poor people are able to earn a living using gambling and informal trade as a strategy:

A study showed that poor people have a higher rate of gambling compare those with higher income. They are hoping to win a ton of money by gambling and think a quick way to become rich. Some of them think that by visiting a casino they may make a few quick bucks and gain financial stability. They think those few extra bucks can be used to pay the bills for that month. They are looking for “quick” fixes. When someone is desperate, gambling is a bad solution.

Another strategy is through informal trading. Informal trading is a business activity or practices with no fixed place and no government regulation, such as paying tax and another administration fee. Informal trading is easy to set up and only needs minimal capital. Informal trading can happen in a public road, public space or designated space. People in poverty hopes that through informal trading they can increase their income. Informal trade is an alternative to formal jobs and represents a strategy for reducing poverty and unemployment.

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Informal trading link

Government Program to reduce poverty link

Poverty link

Keywords: poverty, informal trading, gambling

answered: Guest

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answered: Guest

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