Leakage
What is a 'Leakage' Leakage is a situation in which capital, or income, exits an economy or system rather than remaining within it. In economics, leakage refers to outflow from a circular flow of income model. In a two-sector model exhibiting a circular flow, all individual income is sent back to employers when goods and services are...
Last Mile
DefinitionThe last mile or last kilometer is a colloquial phrase widely used in the telecommunications, cable television and internet industries to refer to the final leg of the telecommunications networks that deliver telecommunication services to retail end-users. More specifically, the last mile refers to the portion of the telecommunications network chain that physically reaches the end-user's premises. Examples are...
Land Rehabilitation
DefinitionLand rehabilitation is the process of returning the land in a given area to some degree of its former state, after some process has resulted in its damage. Many projects and developments will result in the land becoming degraded, for example mining, farming and forestry. Land Rehabilitation What is 'Land Rehabilitation' A re-engineering process that attempts to...
Lease Balance
What is 'Lease Balance' The amount of money that a customer owes under the terms of a vehicle lease contract. The lease balance becomes important in two main situations. The first is in the event that a car is stolen and not recovered, is totaled in an accident or is otherwise destroyed. The second situation is if...
Land Value Tax (LVT)
What is 'Land Value Tax - LVT' A tax on the value of a piece of land. Land value tax inherently makes up a portion of all real estate property tax; however, land value tax takes only the fair value of the land into account. The taxation of land is very straightforward, requiring only a valuation of...
Leading Lipstick Indicator
What is 'Leading Lipstick Indicator' An indicator based on the theory that a consumer turns to less expensive indulgences, such as lipstick, when she (or he) feels less than confident about the future. Therefore, lipstick sales tend to increase during times of economic uncertainty or a recession. Also known as the "lipstick effect." ...
Last-Sale Reporting
What is 'Last-Sale Reporting' An electronic entry, to the Nasdaq stock market, of the amount and price of shares involved in a transaction's not less than a board lot. Explaining 'Last-Sale Reporting' Trades reported must be submitted to Nasdaq within 90 seconds of the execution of the trade. Further Reading Method and...
Larry Montgomery
Larry Montgomery What is 'Larry Montgomery ' A former CEO and chairman of Kohl's department stores. Montgomery joined Kohl's in 1988 as senior vice president and director of stores. He was appointed to the board of directors in 1994, became CEO in 1999, and became chairman in 2003. Montgomery is known for helping to turn Kohl's...
Laughing Heir
DefinitionIn the law of inheritance, a laughing heir is an heir who is legally entitled to inherit the property of a person who has died, even though that heir is only distantly related to the deceased, and therefore has no personal connection or reason to feel bereaved over the death. Laughing Heir What is 'Laughing Heir' A...
Law Of Demand
DefinitionIn microeconomics, the law of demand states that, "conditional on all else being equal, as the price of a good increases, quantity demanded decreases ; conversely, as the price of a good decreases, quantity demanded increases ". In other words, the law of demand describes an inverse relationship between price and quantity demanded of a good. Alternatively, other things...