short run

Also found in: Dictionary, Thesaurus, Acronyms, Idioms, Encyclopedia.
Related to short run: long run

Short Run

Informal for short term.

short run

an abstract time period within the THEORY OF SUPPLY in which some FACTOR INPUTS are fixed (FIXED FACTOR INPUTS like plant and machinery) and output can be adjusted only by changing the quantities of VARIABLE FACTOR INPUTS used (for example, raw materials, labour).

In practice, what is defined as the short run can vary greatly from industry to industry For example, in the petrochemical industry it can take five years or more to commission, build and run in a new plant so that any expansion of output within this term can be achieved only by increasing the throughput from existing plants. By contrast, in the fashion garment-making industry it may be possible to buy and install new sewing machines within a few weeks so that in this industry the short-run might be a month or less. Compare LONG RUN. See also RETURNS TO THE VARIABLE-FACTOR INPUT.

References in periodicals archive ?
Accepting the view that in the short run happiness increases at a decreasing rate as income increases, but is not affected by income changes in the long run, I now introduce loss aversion to argue that transferring income from the rich to the poor is, in the short run, likely to reduce the happiness of the wealthy by more than it increases the happiness of the poor.
A Long Run and Short Run Component Model of Stock Return Volatility," in Cointegration, Causality and Forecasting: A Festschrift in Honour of Clive W.
Every new part launched in short run is critical because the capital investment is larger relative to the number of parts produced per year.
Figure 1 shows that an increase in demand has a much smaller impact on rents in the long run than in the short run.
Thus, a one percentage point rise in inflation raises the short rate between 70 and 90 basis points, whereas a similar increase in the real funds rate raises it by 10 to 60 basis points in the short run.
Espinoza says what made the Colordyne Retrofit an attractive option was the cost-savings associated with eliminating the need to buy print cylinders and plates, along with a significant reduction in set-up waste and production time--a costly process that was required for each short run on his existing press.
Our examination of widely available principles texts (see Table 1) reveals that in supply and demand analysis, authors correctly explain that demand is more elastic in the long run than in the short run because decision makers have more time to adjust to changes in prices.
Although this development is having a contractionary influence on the economy in the short run, over a longer period the productive resources freed in this process will find employment in the private sector contributing to capital formation and the growth potential of the economy.
Presentations were provided by Harper, Actega WIT, FLXON, RotoMetrics, 3M, and DuPont, all with valuable technical information for converters on how to efficiently increase short run productivity throughout the inline flexo press workflow.
What we have learned about monetary policy since the beginnings of the Federal Reserve System is that the longer-term effect of a policy action may be quite different from its initial impact; what we do not know with precision is the size and timing of these effects, especially in the short run.