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?

Question

Quizplus · Accepted Answer

This kind of transaction is known as the informal economy, as it involves the exchange of goods and services without the involvement of formal institutions or legal contracts. Max's help with his sister's children is not a transaction that is regulated by formal laws or agreements, but rather an informal arrangement between family members.

Max Spends Most of His Time in the House Taking