Microsoft Word Web glossary doc

Labour Intensity: The ratio of labour effort expended, compared to total on-the-job 
compensated labour time. A higher ratio of labour intensity reflects a more successful employer 
labour extraction strategy. 
Labour Market Segmentation: Deep and systematic differences among various groups of 
workers, in which different types of workers are effectively “assigned” to different types of jobs 
(reflecting differing productivity and income opportunities). Typically, access to different 
segments of the labour market is organized on grounds of gender, race, ethnicity, or age. 
Labour Supply: The total number of workers available and willing to work in a paid position; 
usually measured by the labour force (although the labour force usually excludes many workers 
who do not officially qualify as “actively” seeking work, but who can nevertheless be mobilized 
into employment if necessary). 

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Long Waves: Longer-term periods of growth or stagnation in the economy, that can last for a 
decade or more and reflect broader changes in technology, politics, and international relations.
For example, most developed capitalist countries experienced a long wave of economic 
expansion after World War II (the “Golden Age”), followed by a long period of stagnation 
during the 1980s and 1990s. 
 
Machinery and Equipment: One form of fixed capital asset, consisting of machines, 
computers, transportation equipment, assembly lines, and other equipment. Economists believe 
that investment in machinery and equipment is very important to productivity growth. 
Macroeconomics: The study of aggregate economic indicators such as GDP growth, 
employment, unemployment, and inflation. Conventional economics makes a distinction 
between macroeconomics and microeconomics (the study of individual businesses or industries). 
Managers: Top managers and directors of larger companies who are assigned the task of 
initiating and organizing production, disciplining workers, and accounting to shareholders for the 
performance of the business. 
Market Income: A household’s total pre-tax income obtained from its activities in the formal 
economy, including wages and salaries, investment income, and small business profits. Excludes 
government transfer payments.