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POLICIES: Government actions designed to affect economic activity and pursue one or more economic goals. Also called government or economic policies. The four common types of policies are: fiscal, monetary, regulatory, and judicial.
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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. The very short run is a production time period that is so short that a firm is unable to change the quantities of any input, that is, there are no variable inputs. With no variable inputs, the firm is unable to change the quantity of output. The primary task of the firm is to sell the output that has been produced.The best examples of the very short run market period come from the farming industry. Giving the length of a growing season, once crops are harvested, output is fixed, inputs are fixed, and the only task at hand is to sell the output in the market. Farmers cannot change the quantity of inputs after harvest to produce any more output. Depending on the particular crop, the market period for farming can last anywhere from a few months to a year. The market periods for other types of production have shorter or longer time frames. A newspaper, such as the Shady Valley Daily Gazette Journal Record, for example, prints up a stack of papers early in the morning that it sells to the news-hungry public throughout the day. When the presses stop running and the papers hit the news-stands, the output quantity does not change. The market period for newspapers is something less than a day.
Recommended Citation:VERY SHORT RUN, MICROECONOMICS, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 26, 2024].
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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VES
Variable Elasticity of Substitution
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