Title |
Teaser |
|---|---|
| LABOR EFFICIENCY VARIANCE |
difference between the amount of labor time that should have been used and the labor that was... |
| labor force |
All persons over age 16 who are either working for pay or actively seeking paid employment. |
| LABOR INTENSIVE |
industry or company where labor costs are more important than capital costs. Labor intensive... |
| LABOR LAW |
legislation enacted to protect workers' rights and the working environment. Significant labor... |
| labor productivity |
Amount of output produced by a worker in a given period of time; output per hour (or day, etc... |
| LABOR RATE (PRICE) VARIANCE |
any deviation from standard in the average hourly rate paid to workers:
... |
| LABOR STANDARD |
efficiency standard that is often set via time and motion studies and laboratory experiments... |
| labor supply |
The willingness and ability to work specific amounts of time at alternative wage rates in a... |
| LABOR VARIANCE |
difference between the actual costs and the standard costs of direct labor. Labor variance is... |
| labor-force participation rate |
The percentage of the working-age population working or seeking employment. |
| LAGGARD INDUSTRY |
one that lags behind the rest of the economy in output, employment, and contributions to the... |
| LAGGING INDICATORS |
series of indicators that follow or trail behind aggregate economic activity. Six lagging... |
| laissez faire |
The doctrine of "leave it alone," of nonintervention by government in the market... |
| LAND |
|
| LAND IMPROVEMENTS |
items having limited lives, such as walkways, driveways, fences, and parking lots. The land... |
| LAPPING |
concealing a shortage by delaying the recording of cash receipts. For example, cash received... |
| LAPSE |
termination or forfeiture of an itemfor example, when coverage under an insurance contract... |
| LAPSING SCHEDULE |
specific accounting data regarding fixed assets. Included in the Schedule are the original... |
| LAST-IN, FIRST-OUT (LIFO) |
inventory method in which it is assumed that goods are sold in the reverse order of their... |
| Last-In, First-Out Method |
Assumes that the most recently purchased units (the last in) are sold first. |
| LATEST FINISH TIME |
in PROGRAM EVALUATION AND REVIEW TECHNIQUE (PERT), latest time at which an activity must be... |
| LATEST START TIME |
in PROGRAM EVALUATION AND REVIEW TECHNIQUE (PERT), latest time at which an activity must begin... |
| LATEST TIME (LT) |
in PROGRAM EVALUATION AND REVIEW TECHNIQUE (PERT), latest time at which an activity can be... |
| law of demand |
The quantity of a good demanded in a given time period increases as its price falls, ceteris... |
| law of diminishing marginal utility |
The marginal utility of a good declines as more of it is consumed in a given time period. |
| law of diminishing returns |
The marginal physical product of a variable input declines as more of it is employed with a... |
| law of supply |
The quantity of a good supplied in a given time period increases as its price increases, ... |
| LCM |
Valuation method departing from the cost principle; it serves to recognize a loss when... |
| LEAD TIME |
interval between placing an order and receiving delivery. For example, if it will take two weeks... |
| LEADING INDICATORS |
series of indicators that tend to predict future changes in economic activity;... |
| leakage |
Income not spent directly on domestic output but instead diverted from the circular flow, e.g... |
| LEARNING CURVE |
|
| LEASE |
legal agreement whereby the lessee uses real or personal property of the lessor for a rental... |
| LEASEHOLD |
agreement between the lessee and lessor specifying the lessee's rights to use the leased... |
| LEASEHOLD IMPROVEMENT |
|
| LEAST-SQUARES METHOD |
widely used statistical technique employed to study trends in revenue, costs, production, and... |
