|
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.
Visit the GLOSS*arama
|
|

|
|
CETERIS PARIBUS A Latin term meaning that other factors remain unchanged. Ceteris paribus is commonly used as an assumption when conducting a wide variety of economic analyses. By holding everything else constant, the ceteris paribus assumption makes it possible to identify the cause-and-effect relation between two factors. Relaxing the ceteris paribus assumption is the primary analytical technique used in the comparative statics study of economics.
Complete Entry | Visit the WEB*pedia |


|
|
ORANGE REBELOON [What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages hoping to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for a thesaurus filled with typos. Your Complete Scope
This isn't me! What am I?
|
|
The penny is the only coin minted by the U.S. government in which the "face" on the head looks to the right. All others face left.
|
|
"What we have done for ourselves alone dies with us; what we have done for others and the world remains and is immortal." -- Albert Pike
|
|
IGARCH Integrated Generalized Autoregressive Conditional Heteroskedasticity
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|

|