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July 18, 2025 

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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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PROSPERITY: A period of sustained growth that often lasts for a decade or two. A prosperity usually includes several separate business cycles, each with relative mild recessions and very vigorous, healthy expansions. The United States enjoyed prosperity from the late-1940s into the mid-1960s, a period that many look fondly on as our "golden age." The prosperity of this period, as is often the case, was the direct aftermath of a severe depression. In particular, the restructuring needed to achieve a period of extended prosperity was a hallmark of the Great Depression of the 1930s.

     See also | business cycles | expansion | contraction | recession | depression | institution |


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VALUE ADDED

The increase in the value of a good at each stage of the production process. The "value" part of this phrase means the ability of a good to satisfy wants and needs either directly as a consumption good or indirectly as a capital good. The "added" part means that resources have transformed the good in the course of production, to make it more valuable. A good that provides greater satisfaction has greater value.

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