The terms used in trade such as Laffer Curve,Laity ,Lalssez Faire,Large Cap,Law of One Price,Lay Days,Layaway etc


The terms used in business such as Laffer Curve,Laity ,Lalssez Faire,Large Cap,Law of One Price,Lay Days,Layaway etc.



This post explains about terms used in business such as Kitemark,Kudos,Laffer Curve,Laity ,Lalssez Faire,Large Cap,Law of One Price,Lay Days,Layaway etc. These terms used in international business are arranged in alphabetical order and you may add more information about terms used in export business at the end of this article, if you wish.


The terms used in business


Killer App - Short for Killer Application. Derives from the computer industry. A new product or service which is the first in its category and therefore dominates that particular market, creating huge returns on the initial investment.


Kilo Bits Per Second (Kbps) - The number of one-thousand bits transmitted in a one second interval.


Kite Flying:Dealing in accommodation bills (such bill being known as kite) to raise money is called kite flying.


Kitemark - In the UK, the official mark of approval by the British Standards Institution, to show that a product or service is safe, reliable and of good quality.


Knocking Copy - In advertising, the criticism or attacking of a competitor or a rival product.


Knock-Off - An unauthorised copy of a product, usually designer clothing.


The terms used in  business such as Laffer Curve,Laity ,Lalssez Faire,Large Cap,Law of One Price,Lay Days,Layaway  etcKnowledge Base - In a computer system, a database with a store of information, facts and rules which can be used for problem-solving.


Knowledge Worker - Also known as an Intellectual Worker. A person who is employed by a company to use their brain and intellect to work with information, rather than performing manual tasks.


Kudos - Common management term meaning positive recognition, praise or fame - from the Greek word kydos, meaning glory.


Kyoto Protocol - A multilateral environmental agreement; its goal is to control global warming by reducing greenhouse gases emitted into the Earth's atmosphere.


Labor force: people of working age who are available for paid employment, including the unemployed looking for work, but excluding categories such as full-time students, careers, and the long-term sick and disabled.


Labour - Work, especially manual/physical work, for wages.


Labour Intensive - A job requiring a lot of work, and often a lot of workers, in comparison to the costs of materials, equipment, etc.


Labour Law - Also known as Employment Law. Legislation which defines the legal rights and obligations of employees in the workplace.


Lading - Freight or cargo carried by a large vehicle. The act of loading cargo onto a ship.


Laffer Curve - named after US economist Arther Laffer (b.1940), the Laffer Curve refers graphically to notional/optimal government revenues according to changing levels levels of taxation, on the basis that at each extreme, i.e., 0% and 100% taxation, government revenues are zero, and that somewhere in between, a certain taxation % level (for which no general standard exists or can be applied) will produce optimal government revenues. The expression was popularized in the mid-1970s after reported discussions between Laffer and government officals Don Rumsfeld and Dick Cheney, seemingly in which Laffer sought to advance the counter-intuitive argument that lower taxation would increase tax revenues. Laffer attributed the underpinning curve concept theory to Ibn Khaldun and John Maynard Keynes.


Laicisation - The defrocking of a minister or priest. The changing to lay status.


Laid-Off - In industry, etc., when workers lose their jobs, sometimes temporarily, because there is no work for them.


Laissez-faire - A term associated with the free enterprise economic system which calls for minimal government intervention or regulation, except in maintenance of this economic freedom.


Laity - Usage is typically 'the laity' ('lay-ity'), an old traditional alternative word for lay people/members, typically used in relation to church organization and council, but applicable widely to ordinary people, as distinct from professional or qualified folk.


Lalssez Faire:It is the principle of non­intervention by the government in any commercial affairs.


Land container / Conteneur Terrestre :Container that meets the standards set by the International Railways Union (IRU) for optimal use mainly in the case of a combination of road and rail carriage.


Landed Cost - The quoted or invoiced cost of a commodity, plus any inbound transportation charges.


Landing Page - On the Internet, the first page that visitors to a website arrive at after they've clicked on a link to the site.


Lapse: the termination of an option without trade in the underlying security or commodity.


Larceny - The crime of unlawfully taking someone else's property or money. Theft.


Large Cap - On the Stock Exchange, a company that has a large market capitalisation, i.e., a high total value of shares.


Large capacity container / Conteneur de grande capacité :Container that respects ISO standards in length and width but has an unconventional height (9'6" i.e. 2.90m instead of 8' - 2.44m). At the moment, only 40' containers come into this category.


Large statutory body:For the purposes of the Queensland Procurement Policy (2013), a statutory body is classified as large where one of the following criteria apply:net operating revenue in excess of $4 millionornet assets in excess of $50 million.


Latin American Integration Association (LAIA) - A trade integration association of Latin American countries dedicated to the improvement of member economic well-being through free trade.


Law of diminishing returns: a rule stating that as one factor of production is increased while others remain constant, the extra output generated by the additional input will eventually fall. The law of diminishing returns therefore means that extra workers, extra capital, extra machinery, or extra land may not necessarily raise output as much as expected.


Law of One Price - The principle that equivalent assets sell for the same price. The law of one price is enforced in the currency markets by financial market arbitrage. Also known as purchasing price parity (PPP).


Law Of One Price - The rule that without trade barriers and transportations costs, identical products would cost the same worldwide using the appropriate exchange rate of currency.


Lay (people/person/member) - Also layman, or laywoman - Lay means non-professional, non-expert - ordinary member(s), of the public or of an organization, typically referring to religious communities, often relating to professions such as law and medicine, but potentially in any situation where non-professionals/experts are differentiated from qualified/professionals. The term may have an arrogant or patronising implication where expert, qualified, learned professionals discuss the general public or members who lack expertise.


Lay Days:The term is used in shipping to signify the number of days (usually three) allowed to the master of a ship for loading or unloading the ship.


Layaway - Often referred to as Lay-By. A means of purchasing an item by paying a small deposit to reserve it and then paying the balance in installments. When the total purchase price has been paid the customer can then take delivery of the goods.


Layout artist / Maquettiste :Creative person capable of ensuring the graphic conception, layout, and choice of illustrations for your mailing in order to make your communications attractive and efficient.


LDC / PMA :Least developed countries: This abbreviation includes some 36 of the poorest countries of the world, listed by the United Nations to be the "least developed" of the developing nations. Most of these countries are situated in Africa, while some are in Asia. Haiti is the only one to be found in the northern hemisphere.


The above details describes about terms called in business such as Kitemark,Kudos,Laffer Curve,Laity ,Lalssez Faire,Large Cap,Law of One Price,Lay Days,Layaway etc. These phrases may help importers and exporters on their day to day business activities. The readers can also add more information about terms used in overseas trade below this post.The terms used in trade such as Joint venture,Journal,Jurisdiction, Kanban, Keiretsu,Key Account etc

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