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EXCESS SUPPLY: A disequilibrium condition in a competitive market in which the quantity supplied is greater than the quantity demanded, hence there's "extra" supply. Pointy-headed economists generally use the more technical term surplus rather than excess supply. The reason, of course, is that surplus has two syllables and excess supply has four. The time saved in pronouncing two syllables rather than four is a definite efficiency plus for the entire economy.
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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 under the control of a firm used in the production process are variable. In the long run, labor and capital are variable inputs. The long-run analysis of production reveals the key role played by returns to scale. This is one of four production time periods used in the study of microeconomics. The other three are short run, very long run, and very short run (or market period). The long run is also a time period designation used in the macroeconomic analysis of economic growth and full employment.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time at a flea market seeking to buy either a birthday greeting card for your aunt or a wall poster commemorating the moon landing. Be on the lookout for cardboard boxes.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"An organization's ability to learn, and translate that learning into action rapidly, is the ultimate competitive business advantage. " -- Jack Welch, General Electric chief executive
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ICSID
International Center for the Settlement of Investment Disputes
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