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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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Lesson 11: Elasticity Basics | Unit 4: A Continuum
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Page: 18 of 25
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Topic:
Relative Elastic
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- A large section of the elasticity continuum is comprise of relatively elastic:
Relatively elastic is an elasticity alternative in which relatively small changes in one variable (price) cause relatively large changes in another variable (quantity).
- Once again, this range holds for both the price elasticity of demand and the price elasticity of supply, because the negative value of the price elasticity of demand is ignored.
- Relatively elastic demand and supply are represented by relatively flat, but not perfectly horizontal, demand and supply curves.
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LAND The naturally occurring resources used in the production of goods and services, including the land itself; the minerals and nutrients in the ground; the water, wildlife, and vegetation on the surface; and the air above. Land also includes the productive dimensions of space and accessibility. This is one of four basic categories of resources, or factors of production. The other three are labor, capital, and entrepreneurship.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a genuine fake plastic Tiffany lamp or a microwave over that won't burn your popcorn. Be on the lookout for the last item on a shelf.
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This isn't me! What am I?
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
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"Managing intellectual assets has become the single most important task of business. " -- Thomas Stewart, author
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M3
M2 plus investment types of near monies, including large denomination certificates of deposits, institutional money market deposits, and longer term repurchase agreements and Eurodollars
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