employment
(redirected from Contract labor)Also found in: Dictionary, Thesaurus, Medical, Legal, Acronyms, Encyclopedia.
employment
the use of LABOUR and CAPITAL to produce goods and services. See LABOUR FORCE, CAPITAL STOCK.employment
- 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.