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Glossary Definitions
- Labour Force
This comprises those who are either working or available for work producing goods or services of economic value. The proportion of the population participating in the labour force varies greatly with age. It is zero under the age of 15 and very low among those over 65. - Laissez Faire
This French phrase is used by economists to describe a non-interventionist Government policy. - Department of Health & Children (8th Edition)
- Limited Liability
This limits the financial loss, which shareholders may bear in the event of the winding up of a company, to the extent of their invested capital. - Line extensions
The practice whereby companies with strong brand recognition extend their product portfolio range by adding new products to a particular line of goods. - Liquidity
This term applies to the company's ability to meet its cash commitments. Current assets are liquid because they can be turned into cash. Obviously, cash is the most liquid current asset and stock the least. - Live Register
One measure of the level of unemployment; it is the register which must be signed by people who are unemployed and/or seeking welfare payments. - Loan Term
The length of time for which repayment of a loan has been agreed, for example a five-year loan has a five-year term. - Financial Regulator (11th Edition)
- Local Area Network (LAN)
A local area network (LAN) is a group of computers and associated devices that share a common communications line and typically share the resources of a single processor or server within a small geographic area (for example, within an office building). Usually, the server has applications and data storage that are shared in common by multiple computer users. A local area network may serve as few as two or three users (for example, in a home network) or many as thousands of users (www.whatis.com) - Dell Ireland (6th Edition)
