Long run and short run

In microeconomics, the long run is the conceptual time period in which there are no fixed factors of production, so that there are no constraints preventing changing the output level by changing the capital stock or by entering or leaving an industry. The long run contrasts with the short run, in which some factors are variable and others are fixed, constraining entry or exit from an industry. In macroeconomics, the long run is the period when the general price level, contractual wage rates, and expectations adjust fully to the state of the economy, in contrast to the short run when these variables may not fully adjust.

Long run

In the long run, firms change production levels in response to (expected) economic profits or losses, and the land, labour, capital goods and entrepreneurship vary to reach associated long-run average cost. In the simplified case of plant capacity as the only fixed factor, a generic firm can make these changes in the long run:

Term

Term may refer to:

Lengths of time

Term (architecture)

In Classical architecture a term or terminal figure (plural: terms or termini) is a human head and bust that continues as a square tapering pillar-like form.

The name derives from Terminus, the Roman god of boundaries and boundary markers. If the bust is of Hermes as protector of boundaries in ancient Greek culture, with male genitals interrupting the plain base at the appropriate height, it may be called a herma or herm. The crime of Alcibiades and his drinking-mates, for which Socrates eventually indirectly paid with his life, was the desecration of herm figures through Athens in the dead of night.

At the Temple of Artemis at Ephesus, the Lady of Ephesus, whom the Greeks identified with Artemis, was a many-breasted goddess encased in a tapering term, from which her feet protruded. (See illustration at Temple of Artemis).

In the architecture and the painted architectural decoration of the European Renaissance and the succeeding Classical styles, term figures are quite common. Often they represent minor deities associated with fields and vineyards and the edges of woodland, Pan and fauns and Bacchantes especially, and they may be draped with garlands of fruit and flowers.

Terminology

Terminology is the study of terms and their use. Terms are words and compound words or multi-word expressions that in specific contexts are given specific meanings—these may deviate from the meanings the same words have in other contexts and in everyday language. Terminology is a discipline that studies, among other things, the development of such terms and their interrelationships within a specialized domain. Terminology differs from lexicography, as it involves the study of concepts, conceptual systems and their labels (terms), whereas lexicography studies words and their meanings.

Terminology is a discipline that systematically studies the "labelling or designating of concepts" particular to one or more subject fields or domains of human activity. It does this through the research and analysis of terms in context for the purpose of documenting and promoting consistent usage. Terminology can be limited to one or more languages (for example, "multilingual terminology" and "bilingual terminology"), or may have an interdisciplinarity focus on the use of terms in different fields.

Longer

"Longer" is a song written and recorded by the American singer-songwriter Dan Fogelberg and released in 1979 by Full Moon Records and Epic Records. The song can be found on Fogelberg's 1979 album Phoenix. It was also included on his 1982 greatest hits album as well as various other retrospective and compilation recordings.

Fogelberg, who had released more rock oriented songs throughout the 1970s, jokingly described "Longer" in the liner notes to one of his retrospective albums as "the song that put me on the elevators." He wrote the song while vacationing in Maui, "lounging in a hammock one night and looking up at the stars. It just seems this song was drifting around the universe, saw me, and decided I'd give it a good home." Accompanying Fogelberg's vocals is an acoustic guitar (played by the singer) as well as a flugelhorn solo by Jerry Hey.

Lyrically, the song compares various events ("Longer than there've been stars up in the heavens") with his emotional attachment to the one he loves ("I've been in love with you").