The concept of 'Jobless Growth' refers to a macroeconomic phenomenon where a country's Gross Domestic Product (GDP) expands significantly, but the ___ remains stagnant or fails to generate proportional employment opportunities.

Answer: employment elasticity (or labor market)

Jobless growth typically occurs when economic expansion is driven by capital-intensive sectors (like heavy manufacturing or high-end IT) or rapid automation, rather than labor-intensive sectors (like textiles or agriculture). This creates a severe structural imbalance where the wealth of the nation grows, but the masses do not see corresponding improvements in livelihoods or wage employment.