IGCSE Economics Glossary Terms - L

Includes all human resources

• Labour

• Land

• Capital

• Enterprise

All individuals of working age (between the ages of 15 and 65 in most countries) who are either employed or unemployed in a country

• Child force

• People force

• Work force

• Labour force

A measure of unemployment that uses data gathered from a survey of a sample of households to calculate the unemployment rate.

• Work Force Survey

• Labour Force Survey (LFS)

• Unemployment Survey

• Household Survey

Where the production of a good or service depends more heavily on labour than the other factors of production.

• Capital intensive production

• People intensive production

• Labour intensive production

• Land intensive production

Output per worker per time period

• Worker productivity

• Time productivity

• Location productivity

• Labour productivity

Includes all natural resources.

• Land

• Labour

• Capital

• Enterprise

As the price of a good or service falls, the quantity demanded increases.

• Law of supply

• Law of demand

• Law of services

• Law of goods

As the price of a good or service falls, the quantity supplied decreases

• Law of demand

• Law of services

• Law of supply

• Law of goods

Where the central bank gives loans to banks or other eligible institutions that are experiencing financial difficulty and may not be able to quickly borrow money elsewhere.

• Lender of the last chance saloon

• Lender of last resort

• Lender of last report

• Lender of bad banks

The number of years a person in a country is expected to live.

• Life expectancy

• Death expectancy

• Living years

• Life Development Index