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Employment is a relationship between two parties regulating the provision of paid labour services. Usually based on a contract, one party, the employer, which might be a corporation, a not-for-profit organization, a co-operative, or any other entity, pays the other, the employee, in return for carrying out assigned work. [1]
The unemployment level is defined as the labour force minus the number of people currently employed. The unemployment rate is defined as the level of unemployment divided by the labour force. The employment rate is defined as the number of people currently employed divided by the adult population (or by the population of working age).
The labor force is the actual number of people available for work and is the sum of the employed and the unemployed. The U.S. labor force reached a record high of 168.7 million civilians in September 2024. [1]
Employment-to-population ratio, also called the employment rate, [1] is a statistical ratio that measures the proportion of a country's working age population (statistics are often given for ages 15 to 64 [2] [3]) that is employed. This includes people that have stopped looking for work. [4]
Work or labor (labour in Commonwealth English) is the intentional activity people perform to support the needs and desires of themselves, other people, or organizations. [1] In the context of economics, work can be viewed as the human activity that contributes (along with other factors of production) towards the goods and services within an ...
The definition of employed person by the Bureau of Labor Statistics is this: "Employed persons are all those who, during the survey reference week, (a) did any work at all as paid employees; (b) worked in their own business, profession, or on their own farm; or (c) worked 15 hours or more as unpaid workers in an enterprise operated by a member ...
In exchange for the money paid as wages (usual for short-term work-contracts) or salaries (in permanent employment contracts), the work product generally becomes the undifferentiated property of the employer. A wage labourer is a person whose primary means of income is from the selling of their labour in this way. [not verified in body]
From a legal standpoint, gainful employment is defined as work that a person can pursue and perform for money or activities intended to provide an income to a person. [16] Recently gainful employment has also been approached from the political perspective and applied to education reform. The Gainful Employment Rule is an example of a policy ...