Labour Intensive ProductionLabour intensive production refers to companies that use more labour than capital equipment during the production process. |
LagsLags are time delays associated with fiscal or monetary policy. |
Law of Decreasing ReturnsThe law of decreasing returns states that: Production decreases as more of the variable factor (labour) is added to the fixed factor (land). |
Law of DemandLaw of demand states that; as prices rise, quantity demand falls and as prices fall, quantity demanded rises. |
Law of Diminishing Marginal ReturnsLaw of diminishing marginal returns is where marginal production decreases as more of the variable factor (labour) is added to the fixed factor (land). |
Law of Diminishing ReturnsLaw of diminishing returns is when production decreases as more of the variable factor (labour) is added to the fixed factor (land). |
Law of Increasing ReturnsThe law of increasing returns states that: Production increases as more of the variable factor (labour) is added to the fixed factor (land). |
Law of ReturnsLaw of returns is where production at first increases and then decreases as more of the variable factor (labour) is added to the fixed factor (land). |
Law of SupplyLaw of supply states that; as prices rise, quantity supplied rises and as prices fall, quantity supplied falls too. |
Lead TimeLead time is the total sum of time between the recognition of a need for an order and the final availability of the goods/raw materials for use in production or available for sale. Lead time consists of both purchasing lead time and manufacturing lead time. Manufacturing lead time applies when the final product is manufactured or assembled by the supplier. |
LeadershipLeadership is leading a group of people, leading is about motivating a group of people to achieve common goals. |
LeakageLeakage refers to money that leaves the circular flow. |
Learning Stylethe particular way in which you gather and perceive information and the process and organise it.
|
LiabilityLiability – present obligation, resulting from past event, the settlement of which leads to decrease in economic benefit. |
Lifetime ValueIn marketing, customer lifetime value, lifetime customer value, or life-time value is a prediction of the net profit attributed to the entire future relationship with a customer. |
ListeningWhen you listen you give your attention to something that is being said. |
LogisticsLogistics is generally the detailed organization and implementation of a complex operation. In a general business sense, logistics is the management of the flow of things between the point of origin and the point of consumption to meet the requirements of customers or corporations. |
Logistics Customer ServiceLogistics customer service is a part of a firm's overall customer service offering, customer service elements that are specific to logistics operations including fulfillment, speed, quality, and cost. The term fulfillment process has been described as the entire process of filling the customer's order. |
Long RunLong run is a situation where all factors are variable. |
Lorenz CurveLorenz curve is a graphic device used to show the degree of inequality in an economy. |
Luxury GoodsLuxury goods are ‘nice to haves’ but are not necessary for survival. |