Difference between revisions of "Short Run"
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| + | The '''Short Run''' is an [[economics]] term for the period of time during which a [[firm]] is bound by some unalterable [[contract]], such as a contract to [[consume]] a certain quantity of [[inputs]] or to produce a certain quantity of goods. When a firm makes decisions over a time period wherein it is not permanently bound to any contracts, it enters the long run. | ||
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[[Category:Economics]] | [[Category:Economics]] | ||
Revision as of 19:27, June 26, 2008
The Short Run is an economics term for the period of time during which a firm is bound by some unalterable contract, such as a contract to consume a certain quantity of inputs or to produce a certain quantity of goods. When a firm makes decisions over a time period wherein it is not permanently bound to any contracts, it enters the long run.