|
|
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.
Visit the GLOSS*arama
|
|

|
|
|
SOCIAL SCIENCE The scientific study of society--of human behavior and of social interactions. Economics is one of several social sciences. Others are sociology, political science, and anthropology. Economics is considered a social science because it seeks to explain how society deals with the scarcity problem.
Complete Entry | Visit the WEB*pedia |


|
|
WHITE GULLIBON [What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers seeking to buy either a package of 4 by 6 index cards, the ones with lines or a 50 foot extension cord. Be on the lookout for telephone calls from former employers. Your Complete Scope
This isn't me! What am I?
|
|
|
A half gallon milk jug holds about $50 in pennies.
|
|
|
"Old minds are like old horses; you must exercise them if you wish to keep them in working order. " -- John Adams, 2nd US president
|
|
PI Personal Income
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|

|