12 terms were found starting with the letter l.
- Labor Productivity
- The total quantity of output divided by the amount of labor used in production. Same as the average product of labor.
- Labor-Augmenting Technical Change
- Technical change that increases output by raising the productivity of labor. For example, information technologies that permit better managerial decisions could be interpreted in part as labor-augmenting technical change.
- Land Productivity
- The total quantity of output divided by the amount of land used in production (in other words, yield). Same as the average product of land.
- Land-Augmenting Technical Change
- Technical change that increases output by raising the productivity of land. For example, an improved crop variety that increases yields could be interpreted as land-augmenting technical change.
- Large Country
- In economics, a country that is large enough economically for its international transactions to have a significant impact on world prices. The U.S. is an example of a large country.
- Law of Diminishing Returns
- The tendency, beyond a certain point, for the marginal product of an input to fall as additional amounts of that input are used, holding constant production technologies and the quantities of other inputs into production. Furthermore, beyond a certain point, the average product also falls.
- Law of One Price
- The idea that, if there were no government restrictions on trade, the price of an internationally traded good in one country would be the same as the price in another, taking into account transportation costs.
- Learning-by-Doing
- The acquisition of human capital through on-the-job experience in doing tasks and producing goods and services.
- Less-Developed Country
- Another name for a low-income country or middle-income country, that is, a country with a relatively low or middle level of per capita income.
- Long Run
- A time horizon over which all inputs into production are variable and none are fixed.
- Lorenz Curve
- A diagram showing the cumulative percentage of national income received (or percentage of national consumption expenditures paid) by a certain percentage of individuals or households. The purpose of the diagram is to depict the difference of actual income or expenditures from perfect equality among individuals or households.
- Low-Income Country
- A country with a relatively low level of per capita income.