| − | Short Run is an economics term for a short period of time in which a company can make only temporary changes to its operation. | + | Short Run is an economics term for the period of time during which a firm is bound by some unalterable contract, such as a contract to consume a certain quantity of inputs or to produce a certain quantity of goods. When a firm makes decisions over a time period wherein it is not permanently bound to any contracts, it enters the long run. |