Difference between revisions of "Short Run"
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| − | Short Run is an economics term for | + | 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. |
[[Category:Economics]] | [[Category:Economics]] | ||
Revision as of 00:47, March 29, 2007
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.