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LONG RUN: In terms of the macroeconomic analysis of the aggregate market, a period of time in which all prices, especially wages, are flexible, and have achieved their equilibrium levels. In terms of the microeconomic analysis of production and supply, a period of time in which all inputs in the production process are variable.
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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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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for letters from the Internal Revenue Service.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"Far and away the best prize that life has to offer is the chance to work hard at work worth doing." -- Theodore Roosevelt, 26th US president
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WPO
Weakly Pareto Optimal
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