Analysis of Asset Allocation

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labour (GB) or labor (US) - paid work that provides goods and services.

labor intensive - requiring a large amount of labor per unit of output, so that wages make up a large proportion of production costs.

laissez-faire - the belief that the economy works best when the state does not interfere.

land - the earth, and the raw materials contained in it or growing on it.

last-in, first-out (LIFO) - method of inventory valuation that assumes that the most recently purchased or produced goods are sold first.

launder - to process illegally-obtained money through more than one bank, in order to conceal its origin.

law of diminishing marginal utility - additional units added to a consumer's stock of a commodity give progressively less satisfaction.

law of diminishing returns - a decreasing amount of extra output is gained when extra units of a varying input are added to a fixed input.

law of downward-sloping demand - demand generally decreases when prices increase.

lay off - to dismiss from employment, sometimes temporarily.

lease - the right to use property for a certain number of years in return for payment (verb and noun).

ledger - a book of accounts.

legal person - by law, a limited company is described as a legal person, separate from the people who own it.

lend - to allow someone to use a sum of money that will have to be paid back.

lender - person or institution that lends money to someone else.

lender of last resort - the central bank, that lends to commercial banks if they have no other means of borrowing.

letter of credit - a paper issued by a buyer's bank as proof that the seller will be paid.

leverage - see gearing.

leveraged buy-out (LBO) - buying a company's shares with money borrowed on the security of the company's assets.

levy - to impose and collect a tax or other financial charge.

liabilities - money that a company will have to pay to someone else - bills, taxes, debts, interest and mortgage payments, etc.



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