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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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LAW OF INCREASING OPPORTUNITY COST The proposition that opportunity cost, the value of foregone production, increases as the quantity of a good produced increases. This fundamental economic principles can be seen in the production possibilities schedule and is illustrated graphically through the slope of the production possibilities curve. It generates a distinctive convex shape, flat at the top and steep at the bottom.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time looking for a downtown retail store hoping to buy either a large, stuffed giraffe or a birthday greeting card for your aunt. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"We can't take any credit for our talents. It's how we use them that counts. " -- Madeleine L'Engle, Writer
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G-10
Group of Ten
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