EmploymentEmployment is a contract between two parties, one
being the employer and the other being the employee. In this
relationship, the employer conceives of a productive activity,
generally with the intention of creating financial revenues, and
the employee contributes labour to the enterprise, usually in
return for payment. Employment also exists in the public,
nonprofit and household sectors. An employer is any entity that
hires employees. The employee may contribute to the evolution of
the enterprise, but the employer maintains control over the
productive infrastructure, such as intellectual property and
business contacts. Many persons sell their labor without having
legal standing as employees. These workers are called
independent contractors. Employment is almost universal in
capitalist societies, while it was of minor significance in pre-
capitalist societies. To the extent that employment or the
economic equivalent is not universal, unemployment exists.