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LONG RUN, MACROECONOMICS: In terms of the macroeconomic analysis of the aggregate market, a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. This is one of two macroeconomic time designations; the other is the short run. Long-run wage and price flexibility means that ALL markets, including resources markets and most notably labor markets, are in equilibrium, with neither surpluses nor shortages. Wage and price flexibility and the resulting resource market equilibria are the reason for the vertical long-run aggregate supply curve.
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ENTREPRENEURSHIP A special sort of human effort that takes on the risk of bringing labor, capital, and land together and organizing production. This is one of four basic categories of resources, or factors of production. The other three are labor, capital, and land.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"Think not of yourself as the architect of your career but as the sculptor. Expect to have to do a lot of hard hammering and chiseling and scraping and polishing. " -- B. C. Forbes, founder, Forbes magazine
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RJE
RAND Journal of Economics
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