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 […]

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

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.

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

The crime of unlawfully taking someone else’s property or money. Theft.

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

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

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 […]

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.

Term introduced by economist Eric von Hippel in 1986. Lead users are individuals or companies who greatly benefit from being the first to use or adapt a product for a particular need, often months or years before the general public or other businesses are aware of the need for the product.