The Law Dictionary

Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: Finance Dictionary

LOW DOCUMENTATION LOAN

Loans given to borrowers unable or unwilling to give a lender certain information or documentation. A variety of loan types are considered to be low documentation. Not everyone is eligible for this

LUCAS WEDGE

When the economy suffers a downturn, this is a visual display of society’s costs. Represents output loss resulting from growth rate tied to the real gross domestic product slowing down.

MA BELL

Telecommunications giant AT&T’s old, nostalgic name. Originally called Ma Bell because it was the primary service provider of telephone services and seen as the mother of the industry. The company adapted to

MACRO RATING

Superseded by CAMELS rating since 1994. Older evaluation-soundness measure of a bank. Management, asset quality, capital adequacy, risk-management, and operating results are evaluated.

MAIL ORDER/TELEPHONE ORDER (MOTO) DISCOUNT RATE

When the actual card is unavailable to the merchant, the merchant’s account provider charges a handling fee for credit card transactions. By-mail, by-phone, or by-Internet orders are that situation. Due to the

MAINTENANCE FEE

Homeowner’s associations’ monthly charge residents pay to maintain and mend common residential property components

MAJOR MARKET INDEX

Trading in options and futures is based on an index such as this. 20 blue-chip stocks comprise such a US stockmarket index. 17 of these blue-chip are also in the Dow Jones

MALE CHAUVINISM

Male-over-female superiority in the workplace as an unsubstantiated belief. Female employees fight those who disparage, denigrate or otherwise humiliate by this practice and belief.

MANAGED CURRENCY

exchange rate maintained at a certain level by the government’s intervention through the country’s central bank and not determined by the freemarket forces of demand and supply is indicative of this type

MANAGEMENT BY FACT

Information to make decisions affecting their work is collected by each employee as a key element of total quality management (TQM).

MANAGEMENT PREROGATIVE

Exercising its discretion in certain areas without discussions with or the agreement of a union as an employer’s or management’s unqualified authority. The rights to (1) assign and direct workforce, (2) discipline

MANDATORY BARGAINING ISSUE

Constraining mandate on an employer for this matter of contention. If the issue pertains to wages, working hours, or terms and conditions of employment, and the like, an employer is legally prevented

MANPOWER PLANNING

Details over time or for a project the different skills required. Also, details how to get them and when to get them. Personnel resource estimating or projecting.

MANUFACTURING CELL

Production and performance quality expressed in designs tied to a production plant’s outlay.

MANUSCRIPT POLICY

coverage or conditions not included in a standard policy are specifically written into this policy. To comply with state laws, a larger brokerage for a larger account will prepare this type of

MARGINAL BENEFIT

All other factors remaining constant, an activity’s overall benefit increase caused by a unit increase in the level of that activity. Also known as marginal utility.

MARGINAL PRODUCT OF LABOR

With all other factors remaining constant, this is the resulting output from hiring one more worker. Output of a firm or economy as a measured physical increase.

MARGINAL TAX RATE

Additional income unit’s paid tax rate. Marginal tax rates increment as income increases in a graduated or progressive tax regimen. The highest marginal tax rate applies to the highest income bracket or

MARKET CONTROLLED PRICE ENVIRONMENT

With little or no control exercised by individual suppliers or producers, tough competition determines prices between similar goods and services in this situation.

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