short run

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Short Run

Informal for short term.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
Protolabs has 110 injection presses in the Twin Cities region available for short-run molding of anywhere from a handful to 10,000 or more parts, and close to 200 globally, with 33 to more than 500 tons clamp capacity.
Hegwood and Tuttle (2013) examine the effect of using the Engle-Granger method when estimating the long-run relationship between short-run interest rates and long-run interest rates on government debt for several countries.
The original RICOH TotalFlow BatchBuilder software was developed to help commercial printers, as well as publishing printers, in-plants, franchise printers and service bureaus, resolve these issues by simplifying and automating many of the steps in short-run digital production.
The consumer has short-run impatience, which is represented by quasi-hyperbolic discounting.
For diminishing marginal utility of income to justify an income transfer, assuming a short-run perspective, the short-run happiness loss to the person losing the income must be less than the short-run happiness gain to the person receiving it.
Two closures are presented: a short-run closure and an 'effective' long-run closure.
More recently, Loayza and Ranciere (2006) provide cross-country evidence of coexistence of positive long-run and negative short-run relationships between financial development and growth.
Following are tips for medical product designers on how to approach short-run (or any other type of molding) projects for the best results.
3, 2005; "Short-Run Crude Oil Price and Surplus Production Capacity," International Advances in Economic Research, vol.