LONG RUN Meaning and
Definition
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Long run is a term used in economics and business to refer to a period of time in which all factors of production can be adjusted and are flexible. In this context, factors of production encompass inputs such as labor, capital, technology, and raw materials. The long run is characterized by the absence of fixed inputs, meaning that all inputs are variable.
From an economic standpoint, the concept of the long run is crucial in determining the effects of various decisions taken by firms and industries. In the long run, firms have the ability to adjust their production levels, adopt new technologies, and modify their resources to optimize their economic performance. Decisions made in the long run are not limited by constraints posed by fixed inputs, thus allowing for maximum flexibility and adjustment.
This concept can also be applied to understanding market behavior. In the long run, market forces tend to reach equilibrium as firms adjust their outputs and prices based on changing conditions. The long-run equilibrium is the point where supply equals demand and firms earn zero economic profit.
The length of the long run can vary depending on the specific industry or market under consideration. It may span months, years, or even decades, depending on the level of adjustment required and the pace of technological advancements. Therefore, the long run encompasses a wide span of time within which businesses can adapt and optimize their operations to achieve desired objectives.
Top Common Misspellings for LONG RUN *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for LONG RUN
- kong run
- pong run
- oong run
- ling run
- lkng run
- llng run
- lpng run
- l0ng run
- l9ng run
- lobg run
- lomg run
- lojg run
- lohg run
- lonf run
- lonv run
- lonb run
- lonh run
- lony run
- lont run
Etymology of LONG RUN
The word "long run" originated from the combination of the Old English word "lang" (meaning long) and the Old English word "rūn" (meaning a course or a journey). The term "long run" has been used in English since the early medieval period to refer to a lengthy or extended period of time or distance. It has been commonly used in various contexts, such as economics (referring to a prolonged period), sports (referring to a lengthy race or endurance event), and everyday language (referring to long-term consequences or goals).
Idioms with the word LONG RUN
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in the long run
The idiom "in the long run" means considering or taking into account the eventual outcome or consequences of a situation, especially over a lengthy period of time. It emphasizes the importance of looking beyond immediate results or short-term benefits and considering the eventual overall outcome or impact.
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over the long run
The idiom "over the long run" refers to a period of time that is relatively lengthy or extensive. It implies considering the outcome or results of something in the context of a long-term perspective, rather than focusing solely on short-term or immediate outcomes. It emphasizes the importance of considering the cumulative effects and trends that emerge over a prolonged period.
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in the long run (or term)
The idiom "in the long run (or term)" refers to a future point in time that is distant or after a significant amount of time, or a perspective that takes into account the overall or final outcome instead of immediate or short-term results. It suggests that considering a situation or decision in the long run, rather than focusing solely on immediate gains or losses, is essential for a better understanding of its consequences or benefits.
Similar spelling words for LONG RUN
- long-run,
- longroot,
- longing,
- long horse,
- longer,
- long-range,
- lounger,
- longoria,
- longhorn,
- lounging,
- lingering,
- long iron,
- Lunging.
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