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FIXED INPUT: An input in the production of goods and services that does not change in the short run. A fixed input should be compared with a variable input, an input that DOES change in the short run. Fixed and variable inputs are most important for the analysis of short-run production by a firm. The best example of a fixed input is the factory, building, equipment, or other capital used in production. The comparable example of a variable input would then be the labor or workers who work in the factory or operate the equipment. In the short run (such as a day or so) a firm can vary the quantity of labor, but the quantity of capital is fixed.
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VERY SHORT RUN, MICROECONOMICS A production period of time in which at all inputs in the production process are fixed, meaning the quantity of output itself is fixed. Also termed market period, the very short run exists if the period is so short that no additional production is possible. In other words, the good has been produced, all that remains is to sell it. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very long run.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers hoping to buy either a hepa filter for your furnace or a wall poster commemorating next Thursday. Be on the lookout for crowded shopping malls.
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On a typical day, the United States Mint produces over $1 million worth of dimes.
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"You can't use up creativity. The more you use, the more you have. " -- Maya Angelou, poet
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CME
Chicago Mercantile Exchange
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