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

LUNAR DAY

Used in tidal predictions , consist of a period of 24 hours and 50 minutes. Also known as tidal day.

LUX (LX)

Surface illuminance metric (SI) unit. Defined as an illumination of one lumen per square meter. In contrast, sunshine gives 80,000 to 100,000 lux to the surface it hits. Also refer to luminance

M&A

Alternative, short term for mergers and acquisitions.

M3

An M2 option plus large time deposits and repurchase agreements.

M2

An M1 option plus overnight agreements and deposits, savings accounts, and mutual funds.

LUMP SUM CONTRACT

A contract requiring no cost breakdown. The principal, either customer or owner, agrees to pay a specified amount for work a contractor completes.

MACHINE BUREAUCRACY

Typical in large, established organizations that have formalization and specialization at a high degree. Top level making decisions, lower levels mechanically carrying then out is this type of management structure.

MACHINE SCANNING

An optical device reads printed materials and transfer into digital format as electronic data input. Optical character recognition (OCR) technology is used.

MACHINE READABLE

Data or instructions readable through a computer’s electronic device. This input is ready for interpretation and manipulation. Bar codes, magnetic ink, or disk are sources of this data or instructions. Laser scanners,

MACRO RISKS

The nation’s economic relations with another nation as potential political issues. An example is a country’s middle class population revolting. Actions within or outside governmental control are viewed as potential risks.

LUMP SUM BID

Single value bid. Expected to cover all cost for the project involved. Includes equipment, labor, material, overheads, and services, as well as the contractor’s fee or bonus for completing the items of

MACROECONOMIC EQUILIBRIUM

Meeting aggregate demand with aggregate supply as a national economic conditional activity. Prices, employment and resources show impacts by significant movement on either side.

MACRO HEDGE

An offset designed to use futures contracts to eliminate, reduce, or otherwise mitigate an entire entity’s portfolio-based economic risk. Also refer to micro hedge.

MACROPRUDENTIAL ANALYSIS

Financial system studied comprehensively. The nation’s banking industry is such a system. Overall system soundness and system vulnerabilities, as well as financial shock absorption capabilities are study components. The operational system’s regulatory

MACROECONOMIC CONDITIONS

National or state-level economic factors. These influence the whole aggregated economy. Changes in employment levels, gross national product (GNP), and prices, be it deflation or inflation, are typical influences.

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.

LUMP SUM

1. Single large amount; no smaller amounts; no installments. 2. Entire lot’s , or group of goods or services’ single price. Given no individual item breakdown.

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