_____ is the act of working in exchange for an income.

_____ is the act of working in exchange for an income.

(i) Production

(ii) Consumption

(iii) Employment

(iv) None of the above

Answer: (iii) Employment

The concept of employment is generally described as the undertaking of obligation and service of delivering work or labour to an employer or for self and in exchange for a wage, salary or other forms of compensation. It involves the active participation in the execution of tasks for wages in manufacture or other ventures mental or bodily. Labour is an important component of economic business since it offers earnings opportunities for people and participation in the delivery of goods and services. Employment, as the above definitions suggest, enable people to use their abilities, skills and work experience to produce value and satisfy the needs of society. Besides income, employment serves as a source of income for individuals and households, and plays an important role in the creation of a nation’s gross domestic product. The condition that it holds therefore is used to measure the standard of living, the purchasing power parity and quality of life both in the lives of individuals and societies.