Economics A-Level
Short run versus long run
What Short run versus long run means in Economics A-Level, as defined for AQA.
Definition of Short run versus long run
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Reference: AQA
A distinction in which the short run has at least one fixed factor of production, while the long run has all factor inputs variable.
Topics that use Short run versus long run
- The law of diminishing returns and returns to scale (AQA A-Level)
Related terms
- Capacity constraints
- Costs of production
- Diminishing marginal returns
- Economies of scale
- Factor inputs
- Factors of production
- Law of diminishing returns
- Long run
Using Short run versus long run in the exam
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