Final answer:
The quotation suggests the word 'sloth' refers to a state of inactivity and idleness, similar to 'doing of nothing', indicating laziness or a lack of effort.
Step-by-step explanation:
The word 'sloth' is being used in the quotation to speak about the concept of idleness and inactivity. In the phrase, 'if we reckon all that is spent in absolute sloth, or doing of nothing', we can understand that sloth means a state of not doing any work, which in this case is presented as something that costs us. Therefore, the two context clues that help us determine the meaning of the word 'sloth' are 'idleness' and 'doing of nothing'. Both these terms indicate a lack of activity or effort, which reflect the negative connotation associated with 'sloth' as being a vice of laziness or reluctance to work.