Final answer:
Employment is an agreement between an employer and an employee detailed in an employment contract, outlining responsibilities, rights, and compensation. Labor unions play a crucial role in employment through collective bargaining. The labor force includes all those employed or seeking employment, impacting the economy.
Step-by-step explanation:
Employment is typically defined as an agreement between an employer and an employee where the employee agrees to provide certain services, which can include a wide range of tasks depending on the nature of the job. When you enter into employment, you often sign an employment contract, which outlines the terms of your work such as salary, duties, rights, benefits, and conditions pertaining to things like vacation and sick time. This contract may be enforced by state and federal law and can be individual or under a labor union contract. Labor unions play an important role in negotiations over wages and working conditions, participating in collective bargaining to help balance the power between employers and workers.
For works created as part of your job duties, these may be considered a "work made for hire" based on an express written agreement. This is especially relevant in creative professions where intellectual property is a key consideration. Apart from formal employment, the labor force includes all people working or willing to work in the economy, contributing to the production of goods and services that support economic activity. Terms like underemployment describe situations where individuals work in roles that do not fully utilize their skills or provide adequate compensation.