Microsoft Word Web glossary doc

Intermediate Products: Products (including both goods and services) which are not produced 
in order to be consumed, but rather are produced in order to be used in the production of some 
other good or service. Capital goods and raw materials are examples of intermediate products. 
International Monetary Fund: An international financial institution established after World 
War II with the goal of regulating and stabilizing financial relationships among countries, and 
ensuring free flow of finance around the world economy. Based in Washington, D.C., it is 
governed by a system which grants disproportionate influence to the wealthier economies (based 
on their contribution to the Fund’s operating resources). 
Investment: Investment represents production which is not consumed, but rather is utilized in 
the production of other additional output. Investment also represents an addition to the capital 
stock of an economy. 
 
Joint Stock: A form of business in which the company’s assets are jointly divided among a 
large number of different individual owners, each of whom owns a specified share of the 
company’s total wealth. Joint stock companies are governed by a weighted voting system in 
which investors’ influence depends on the number of shares they own. 
Labour Discipline: Employers are interested in maximizing the extent to which employees 
expend effort and “follow the rules” in the workplace. The degree of labour discipline reflects 
the cost of job loss and other measures of employers’ power over their workers. 
 
Labour Extraction: Most employees under capitalism are paid according to the time they 
spend at work. But employers then face a challenge to extract genuine labour effort from their 
workers while they are on the job. Employer labour extraction strategies utilize a combination of 
labour discipline, supervision, technology (to control and monitor work), and threat of dismissal. 
Labour Force: The total population of working-age people who are willing and able to work, 
and who hence have “entered” the labour market. The labour force includes individuals who are 
employed, and those who are “actively” seeking employment.