Glossary – L

Canadian System of National Accounts glossary index – L

Canadian System of National Accounts glossary – L
Term Definition
Labour cost See total labour compensation.
 
Labour force The civilian non-institutional population 15 years of age and over who are either employed or unemployed.
 
Labour income Synonym of Compensation of employees.

See also: Labour input
 
Labour input Measures the services derived from labour and is obtained by aggregating the hours worked by all persons, classified by education and work experience with weights determined by their shares of labour compensation.

See also: Productivity index
 
Component of: Labour compensation (Labour cost)

Reference: About the productivity accounts

Source: Gross Domestic Product by Industry, Sources and Methods, Catalogue no. 15-547

Notes: Synonym of labour factor

French: Entrées de main-d'œuvre
Labour price The ratio of labour cost to labour input.

See also: Productivity index
 
Labour productivity The ratio of output to hours worked.

See also: Productivity index
 
Labour share Is equal to labour compensation divided by current dollar output.
 
Land Consists of the ground, including the soil covering and any associated surface waters, over which ownership rights are enforced and from which economic benefits can be derived by their owners by holding or using them.
 
Component of: Natural resources, Non-produced non-financial assets

Source: System of National Accounts 2008, paragraph 10.175

French: Terrains
Land cover A description of the physical nature of the land's surface (urban built-up areas or mature forest, for example).
 
Land use A description of the use of land for commercial, non-commercial and ecological purposes.
 
Laspeyres index Index calculated by using the prices or volumes of a predetermined base period as weights.

See also: Price deflation
 
Laspeyres price index A weighted arithmetic average of price relatives using the values of the earlier period as weights.

See also: Price deflation
 
Laspeyres volume index A weighted arithmetic average of quantity relatives using the values of the earlier period as weights.

See also: Price deflation
 
Legal ownership The legal owner of entities such as goods and services, natural resources, financial assets and liabilities is the institutional unit entitled in law and sustainable under the law to claim the benefits associated with the entities.

See also: Economic ownership
 
Component of: Ownership

Source: System of National Accounts 2008, paragraph 17.300.

Notes: Introduced with the Canadian System of National Accounts 2012 historical revision.

French: Propriété légale
Liabilities A liability is established when one unit (the debtor) is obliged, under specific circumstances, to provide a payment or series of payments to another unit (the creditor). The most common circumstance in which a liability is established is a legally binding contract that specifies the terms and conditions of the payment(s) to be made and payment according to the contract is unconditional.
 
Component of: Financial Account, National Balance Sheet Accounts

Source: System of National Accounts 2008, paragraph 3.33

French: Passif
Licenses and permits Payments by persons or households for licences to own or use vehicles, boats or aircraft and for licences for recreational hunting, shooting or fishing are treated as current taxes. Payments for all other kinds of licences (for example, driving or pilot's licences, television or radio licences, firearm licences, etc.) or fees to government (for example, payments for passports, airport fees, court fees, etc.) are treated as purchases of services rendered by governments. The boundary between taxes and purchases of services is based on the practices followed in the majority of countries.

See also: Classification of government revenues and expenditures in Financial Management System, Catalogue no. 68F0023
 
Life insurance and pensions Life insurance includes insurance, on a contractual basis, for the following items: life assurance, (which covers assurance on survival to a stipulated age only, assurance on death only, assurance on survival to a stipulated age or an earlier death, life assurance with return of premiums, marriage assurance and birth assurance) annuities, supplementary insurance (insurance against personal injury and disability resulting from an accident or sickness), and permanent health insurance. Pension includes: payment made to a pension fund member (or dependants) after retirement.

See also: Classification of Institutional Units by Sectors
 
Linking Also called chaining. Linking is a process of connecting two or more segments of a time series. For example, segments of a gross domestic product by industry series which relate to different base years. A continuous series is achieved by adjusting each base year segment to the next via multiplying by a correction factor (link). The correction factor is the ratio between gross domestic product in the new base year valued at new and old base year prices.
 
Source: Gross Domestic Product by Industry, Sources and Methods, Catalogue no. 15-547

Notes: Synonym of chaining.

French: Raccordement
Link-level industry The lowest level of industry aggregation which provides continuous gross domestic product series over long periods of time, extending across different versions of the industrial classification.
 
Litre of absolute alcohol A litre of pure alcohol free of water.
 
Loans Financial claims that refer to direct lending of funds by creditors (lenders) to debtors (borrowers) through arrangements in which the lenders may or not receive a negotiable document or instrument.

See also: Interest, Debt
 
Component of: Financial assets

Reference: Canada's balance of payments, data quality, concepts and definitions, Catalogue no. 67-001; Canada's international investment position, Catalogue no. 67-202

Source: System of National Accounts 2008, paragraph 11.72

French: Prêts
Local general government A government whose legislative, judicial, and executive authority is restricted to the smallest geographic areas distinguished for administrative and political purposes. Such governments may or may not be entitled to levy taxes on resident citizens and resident institutional units or economic activities taking place in their areas.

See also: Classification of Institutional Units by Sectors; About the government finance statistical program
 
Component of: General government sector

Reference: Guide to the public sector of Canada, Catalogue no. 12-589

Source: Financial Management System, Catalogue no. 68F0023

Notes: This reflects the System of National Accounts 2008 definition. Prior to the Canadian System of National Accounts 2012 historical revision, the term represented the current definition of Local government.

French: Administration publique générale locale
Local government The group of units consisting of all government units belonging to a local government and all non-market, non-profit institutions controlled and mainly financed by a local government.

See also: Classification of Institutional Units by Sectors; About the government finance statistical program
 
Component of: Local general government

Reference: Guide to the public sector of Canada, Catalogue no. 12-589

Source: Financial Management System, Catalogue no. 68F0023

Notes: This reflects the System of National Accounts 2008 definition. Prior to the Canadian System of National Accounts 2012 historical revision, the term represented the current definition of Local general government.

French: Sous-secteur des administrations publiques locales
Location A producing unit at a single geographical location at which or from which economic activity is conducted and for which, at a minimum, employment data are available.
 
Source: Financial Management System, Catalogue no. 68F0023

French: Emplacement
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