Meaning of Employment
Generally refers to its use in the process of production.
Employment refers to the employment of Workers. Worker is said to be employed when he is engaged in an act of Production.
Pain of strain
End result of employment is the creation of some type of utility or an addition to value, i.e. it is creation of output.
Employment is a complex Phenomenon.
Employment cannot always be defined in terms of physical activity only.
Week wage system v/s Self-employment or unpaid family labour
3 important aspect of employment
The income aspect:
Employment of a worker yields an income to him
Employment in exchange for some earnings
The production aspect: employment leads to generation of output
The recognition aspect:
Engaged in some occupation which makes his life worth living
Type of employment which gives him a specific social prestige
Total available supply of labour is completely absorbed in gainful employment.
Voluntary unemployment, rich landlords or some lazy people
Absence of involuntary unemployment