Examlex
This subsystem defines the logical structure of the database by using a data dictionary or schema.
Short Run
The short run is a time period in which at least one input is fixed, limiting the ability of a firm to adjust to market changes.
Long Run
A period in which all inputs and factors of production can be varied, and all costs are variable, allowing for complete adjustment to changes.
Recession
A temporary downturn in economic activity, characterized by decreased trade and industrial production, usually recognized by consecutive quarters of declining GDP.
Expected Price Level
The price level consumers, producers, and investors anticipate in the future, influencing their economic decisions in the present.
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