Economics Terms Lexicon - Authoritative Dictionary and Knowledge Tests

About Economics Terms Lexicon

Welcome to EconomicsTermsLexicon.com! Our site offers a comprehensive and authoritative dictionary of economic terms, providing detailed definitions and explanations. Each dictionary entry references books, official publications, and government websites to ensure accuracy and reliability.

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📚 Comprehensive Content: Our lexicon covers a wide range of economic terms and concepts, thoroughly explained to help users understand even the most complex topics.

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🌍 Global Relevance: While our focus is on providing detailed economic definitions, the referenced materials ensure global relevance and context.

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Leasehold
The form of tenure of land or buildings by which the tenant has a lease.
Leasing
The practice of hiring items of equipment, rather than buying them outright
Least Developed Countries
An overview of the Least Developed Countries (LDCs) as designated by the United Nations.
Least Squares
A method of estimation in econometric models minimizing the sum of squared differences.
Legal Tender
Forms of money which a creditor is legally obliged to accept in settlement of a debt.
Leisure - Definition and Meaning
Time spent not working and regarded as a consumption good from which utility is derived in economic models.
Lemon
An unsatisfactory product where quality cannot reliably be checked before purchase.
Lender of Last Resort
The function of providing liquidity for the banking system at times of crisis by the central bank.
Leontief Paradox
Observation by Wassily Leontief that the US, despite being capital-rich, had exports that were more labor-intensive than its imports, contrary to the Heckscher-Ohlin model's predictions.
Less Developed Countries (LDCs)
An examination of Less Developed Countries (LDCs), including their classification, developmental indicators, and geographical distribution according to the United Nations.