Provide a stepwise synthesis to carry out the following conversion. 
Definitions:
Labor
The human effort, both physical and mental, contributed towards the production of goods and services.
Interest Rate
The part of a loan that incurs interest fees for the borrower, often shown as an annual percentage rate of the total amount borrowed.
Garden Gnomes
Decorative statues that represent humanoid figures, often placed in gardens or outdoor areas for ornamentation.
Long-Run Equilibrium
A state in which all factors of production and outputs are fully adjusted to each other, and all economic forces are in balance, with no surplus or shortage.
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