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FINANCIAL DICTIONARY & GLOSSARY: LA -
(GB) or labor (US) - paid work that provides goods and
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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FINANCIAL DICTIONARY & GLOSSARY
a-ac, ac-am, am-as, as-ba, ba-be, be-br, br-cap, cap-cas, ce-col, col-com, com-cor, cor-cu, cu-deb, deb-dem, dep-dis, dis-du, du-em, em-ex, fa-fi, fi-fr, fr-ge, ge-gr, ha-im, im-ine, inf-int, int-inv, inv-la, la-li, li-lo, lo-mar, mar-mark, mat-mo, mo-na, na-od, of-ou, ov-pa, pa-po, po-pri, pri-pro, pro-qu, qu-red, red-res, res-sa, sa-sh, sh-sta, sta-sto, str-ta, ta-tr, tr-un, un-va, va-we, we-zz
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