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LONG RUN, MICROECONOMICS: In terms of the microeconomic analysis of production and supply, a period of time in which all inputs in the production process are variable. The long run is primarily used to analyze production decisions for a firm and is also referred to as the planning horizon. The long run is a period of time in which a business can change the quantities of ALL resource inputs--labor, capital, land, and entrepreneurship. Nothing is fixed. If your factory is to small, well then, build a bigger one. The long-run analysis of production is used to better understand economies of scale, diseconomies of scale, and long-run market supply.
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GOLD CERTIFICATES Paper currency issued and authorized by the U.S. Department of the Treasury that is, in principle, backed up by, and exchangeable for, an equivalent value of gold. Gold certificates were in circulation as a medium of exchange for the U.S. economy during two periods, 1865 to 1922 and 1928 to 1934. A similar form of paper currency is silver certificates.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store wanting to buy either a coffee cup commemorating the 2000 Olympics or a birthday gift for your grandmother. Be on the lookout for vindictive digital clocks with revenge on their minds.
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The average bank teller loses about $250 every year.
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"You are younger today than you will ever be again. Make use of it for the sake of tomorrow. " -- Norman Cousins, editor
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TVC
Total Variable Cost
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