Definition of Short run:
Period during which only some factors or variables can be changed because there is not enough time to change the others.
A key principle guiding the concept of the short run and the long run is that in the short run, firms face both variable and fixed costs, which means that output, wages, and prices do not have full freedom to reach a new equilibrium. Equilibrium refers to a point in which opposing forces are balanced.
Taken or considered over a short time period; short-term.
The short run is a concept that states that, within a certain period in the future, at least one input is fixed while others are variable. In economics, it expresses the idea that an economy behaves differently depending on the length of time it has to react to certain stimuli. The short run does not refer to a specific duration of time but rather is unique to the firm, industry or economic variable being studied.
How to use Short run in a sentence?
- To increase output in the short run , we could buy more product components or increase employee work hours, but we cannot upgrade our facilities or move offices.
- The short-run impact appears to be positive.
- In the short run , we decided to do this strategy because we thought it would work very well and allow us more freedom.
- You should always try and keep your eyes on the long term goals and not focus to much on the short run .
Meaning of Short run & Short run Definition