An unlicensed street vendor sells watches, which may have been stolen, from a makeshift stand in new york city's times square. another individual repairs cars for "private" clients in a garage attached to his home. both of these people are part of

the informal economy

Explanation:

Often described as a grey market in labor, the Informal economy is that part of the economy which is not regulated, monitored and taxed in any form by the state or a government. Although the informal labor are in danger in this type of economy where their jobs are not guaranteed but it is significant to many developing nations where informal workers starts an honest living and contribute significantly to the economies and communities.