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employmentthe use of LABOUR and CAPITAL to produce goods and services. See LABOUR FORCE, CAPITAL STOCK.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
- 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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005