Employment is contract in which one person, the employee, agrees to perform work for another, the employer. The work is designed to accomplish the employer’s goals and mission and in exchange for work performed, the employee receives compensation. While on the other hand Economic development usually refers to the adoption of new technologies, transition from agriculture-based to industry-based economy, and general improvement in living standards. Economic development is usually the focus of federal, state, and local governments to improve our standard of living through the creation of jobs, the support of innovation and new ideas, the creation of higher wealth, and the creation of an overall better quality of life. In fact, Economic growth is a fundamental requirement for the development of a country. Employment contributes to economic growth and development: Workers produce valuable goods and services, and in turn receive a wage, which they can spend on buying the goods produced. When employment is at full the economy is at “maximum”, meaning the economy is 100% efficient. In addition, Employment is important for economic development because it improves the quality of living standard of an employed person and this help to improve the business of his/her employer or improve the productivity of any company resulting in overall increase in economic growth and development of the country as a whole..
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Employment is contract in which one person, the employee, agrees to perform work for another, the employer. The work is designed to accomplish the employer’s goals and mission and in exchange for work performed, the employee receives compensation. While on the other hand Economic development usually refers to the adoption of new technologies, transition from agriculture-based to industry-based economy, and general improvement in living standards. Economic development is usually the focus of federal, state, and local governments to improve our standard of living through the creation of jobs, the support of innovation and new ideas, the creation of higher wealth, and the creation of an overall better quality of life. In fact, Economic growth is a fundamental requirement for the development of a country. Employment contributes to economic growth and development: Workers produce valuable goods and services, and in turn receive a wage, which they can spend on buying the goods produced. When employment is at full the economy is at “maximum”, meaning the economy is 100% efficient. In addition, Employment is important for economic development because it improves the quality of living standard of an employed person and this help to improve the business of his/her employer or improve the productivity of any company resulting in overall increase in economic growth and development of the country as a whole..