By default, accessing an individual item in a template dom-repeat loop is by calling {{item}}. Passing in an as= attribute to template will allow you to switch out the default {{item}} syntax for something that is more customized to the module you are working with. In this case, we want to grab the first and last name of a person, so we pass in as="person" to template. We can now access the names using {{person}}.
<dom-module id="basic-list">
<template>
<template is="dom-repeat" items={{list}} as="person">
<div>{{person.lastName}}, {{person.firstName}}</div>
</template>
</template>
</dom-module>