3 Terms
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International economics
International trade theories, policies, finances and their effects on economic activities.
Industry: Economy
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International economics
Liquidity trap
Economy; International economics
A situation in which expansionary monetary policy fails to stimulate the economy. As used by Keynes (1936), this meant interest rates so low that expectations of their increase made people unwilling ...
Living wage
Economy; International economics
A real wage that is high enough for the worker and family to survive and remain healthy and comfortable, sometimes called meeting basic needs. Term is used in calling for higher wages in both ...
Leontief composite
Economy; International economics
A composite of two or more goods or factors that includes them in fixed proportions, analogous to the Leontief technology.
Leontief technology
Economy; International economics
A production function in which no substitution between inputs is possible: ''F''(''V'') = min i (''V i ''/''a i ''), where ''V'' is a vector of inputs ''V i '', and ''a i '' are the constant per ...
Letter of credit
Economy; International economics
A common means of payment in international trade, this is a written commitment by a bank to make payment to an exporter on behalf of an importer, under specified conditions.
Liability
Economy; International economics
An amount that is owed, in contrast to an asset. A liability may result from borrowing, from obligation to pay for a product or service received, etc.
