Question

Is the act of working in exchange for an income.

Answer 1

Employment is the act of working in exchange for an income. When you are employed, or have a job, you work 8 hours per day, 5-6 days a week, and at the end of the month/week, you get paid fr your work. 

Answer 2

The answer is employment.

Employment is when you are obligated to work for a certain amount of time each day/week/month/year in exchange for a wage/money. Wages can be pain weekly/fortnightly/quarterly/monthly. Amount of wages depends on the position of employment and time worked.