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INDUSTRY: A group of firms producing goods or services that are close substitutes-in-consumption. The similarity of the products makes it possible to analyze the production in a market framework. An industry can be broadly defined, such as the manufacturing industry, or narrowly specified, such as the root beer industry. For most economic analysis the term industry is used interchangeably with the term market.
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SHORT RUN, MICROECONOMICS In terms of the microeconomic analysis of production and supply, a period of time in which at least one input under the control of a firm used in the production process is variable and at least one input is fixed. In the short run, the variable input is usually labor and the fixed input is capital. The short-run analysis of production reveals the law of diminishing marginal returns and provides an understanding of the upward-sloping supply curve and the law of supply. This is one of four production time periods used in the study of microeconomics. The other three are long run, very long run, and very short run (or market period). The short run is also a time period designation used in the macroeconomic analysis of business cycles.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale seeking to buy either a genuine down-filled snow parka or throw pillows for your living room sofa. Be on the lookout for telephone calls from long-lost relatives.
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This isn't me! What am I?
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A scripophilist is one who collects rare stock and bond certificates, usually from extinct companies.
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"So many of our dreams at first seem impossible, then they seem improbable, and then when we summon the will, they soon become inevitable." -- Christopher Reeve, Actor
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ALAC
Latin American Free Trade Area
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