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ALTERNATIVE UNEMPLOYMENT RATES: The official unemployment rate estimated and reported monthly by the Bureau of Labor Statistics (BLS) using data from Current Population Survey is one of six alternative measures of unemployment tracked by the BLS, officially labeled U1-U6. The "official" unemployment rate is U3. The other five measures seek to document different ways in which labor can be underutilized, including unemployment duration, job losers, discouraged workers, marginally-attached workers, and part-time workers.
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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. See also | long run | production | short-run production | microeconomics | supply | economies of scale | diseconomies of scale | very long run | market period | labor | capital | law of diminishing marginal returns | fixed input | variable input |
Recommended Citation:LONG RUN, MICROECONOMICS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2026. [Accessed: October 5, 2026].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: long run, microeconomics
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HOUSEHOLD SECTOR The aggregate macroeconomic sector that includes the entire wants and-needs-satisfying population of the economy. The primary economic role of the household sector is consumption. The share of gross domestic product purchased by the household sector is termed consumption expenditures. This is one of four macroeconomic sectors. The other three are business sector, government sector, and foreign sector.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time watching the shopping channel wanting to buy either a T-shirt commemorating the 2000 Presidential election or a really, really exciting, action-filled video game. Be on the lookout for infected paper cuts.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Courage is the ladder on which all the other virtues mount." -- Claire Boothe Luce, diplomat, writer
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MTN
Multilateral Trade Negotiations
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