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employmentthe use of LABOUR and CAPITAL to produce goods and services. See LABOUR FORCE, CAPITAL STOCK.
- 1micro-context - the use of LABOUR as a FACTOR OF PRODUCTION;
- macro-context - the aggregate number of persons in work in the economy as a constituent of the LABOUR FORCE. The size and quality of the labour force is a crucial determinant of the economy's capacity to provide output (see AGGREGATE SUPPLY) and achieve ECONOMIC GROWTH over time.