1) short term
Short-term means that producers have no time to adjust the quantity of all production factors, and the quantity of at least one production factor is fixed. This input factor is called fixed input factor.
2) Long term
Long-term refers to the time period during which producers can adjust the quantity of all production factors, that is, all input factors are variable.
Extended data
The definitions of micro-long term and micro-short term are not fixed. If all the production factors of this enterprise can be replaced in a certain period of time, then this period can be regarded as a long-term treatment. For example, within one year, this enterprise can recruit new people and rebuild the factory, which is long-term. In macroeconomics, whether the price can change is the basis of defining long-term and short-term
Microeconomics includes a wide range of contents, including: equilibrium price theory, consumer behavior theory, producer behavior theory (including production theory, cost theory and market equilibrium theory), distribution theory, general equilibrium theory and welfare economics, market failure and microeconomic policy.
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