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LONG RUN, MICROECONOMICS: In terms of the microeconomic analysis of production and supply, a period of time in which all inputs in the production process are variable. The long run is primarily used to analyze production decisions for a firm and is also referred to as the planning horizon. The long run is a period of time in which a business can change the quantities of ALL resource inputs--labor, capital, land, and entrepreneurship. Nothing is fixed. If your factory is to small, well then, build a bigger one. The long-run analysis of production is used to better understand economies of scale, diseconomies of scale, and long-run market supply.
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DERIVATION, AGGREGATE EXPENDITURES LINE An aggregate expenditures line, a graphical depiction of the relation between aggregate expenditures and the level of aggregate income or production, can be derived by sequentially adding expenditures by the four macroeconomic sectors (household, business, government, and foreign). This derivation process begins with the consumption line, then adds investment, government purchases, and finally net exports. The process actually generates three alternative aggregate expenditures lines based on the number of sectors included (two sector, three sector, and four sector).
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BLUE PLACIDOLA
[What's This?]
Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for slightly overweight pizza delivery guys.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"I don't subscribe to the thesis, 'Let the buyer beware,' I prefer the disregarded one that goes, 'Let the seller be honest.'" -- Isaac Asimov, Author
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SEHK
Stock Exchange of Hong Kong
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