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Y-AXIS: In a graph, this is one of two lines that intersect at a right angle. This is the "vertical axis" that runs up and down.

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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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Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a replacement remote control for your stereo system or a computer that can play video games and burn DVDs. Be on the lookout for door-to-door salesmen.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
"There is more to life than increasing its speed. "

-- Mohandas Gandhi, activist

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Statistical Product and Service Solutions, Statistical Package for the Social Sciences (software)
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