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VERY LONG RUN, MICROECONOMICS: A production time period in which all inputs are variable, including those under control of the firm and those beyond the control of the firm. During the very long run, not only are the labor, capital, land, and entrepreneurship inputs variable, but so too are key production inputs such as government rules, technology, and social customs. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very short run.
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GROSS NATIONAL PRODUCT The total market value of all final goods and services produced by the citizens of an economy during a given period of time, usually one year. Gross national product, often abbreviated simply as GNP, was once the official measure of how much output the U.S. economy produced. In the early 1990s, however, it was replaced by gross domestic product (GDP).
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BROWN PRAGMATOX
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Today, you are likely to spend a great deal of time flipping through mail order catalogs seeking to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for jovial bank tellers.
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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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"I much prefer the sharpest criticism of a single intelligent man to the thoughtless approval of the masses." -- Johannes Kepler, German Astronomer
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DOC
Department of Commerce
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