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FEDERAL SURPLUS: The difference between federal government spending and taxes when taxes are greater than spending.

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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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Today, you are likely to spend a great deal of time wandering around the downtown area seeking to buy either looseleaf notebook paper or a three-hole paper punch. Be on the lookout for gnomes hiding in cypress trees.
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Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"A man flattened by an opponent can get up again. A man flattened by conformity stays down for good. "

-- Thomas Watson Jr., executive

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