Pronunciation: [ʃˈɔːt ɹˈʌn] (IPA) 
The spelling of the phrase "short run" is straightforward, with each word being pronounced exactly as it is written. In IPA phonetic transcription, "short" is spelled /ʃɔːt/ (shor-t), and "run" is spelled /rʌn/ (ruhn). The stress falls on the first syllable of "short" and the second syllable of "run." When used together, the phrase "short run" refers to a limited period of time, often used in the context of economics and business.
The term "short run" is an economic concept that refers to a period of time in which the production output and costs of a business or firm can be adjusted only partially or within limitations. Typically, it signifies a brief timeframe in which some factors of production, such as capital and technology, are considered fixed or unchangeable.
In the short run, businesses face constraints that prevent them from making major modifications to certain elements of their operations. However, they can adjust other factors, such as labor and raw material inputs, to meet fluctuations in demand. Consequently, during the short run, companies are able to alter the scale of production, but not the size or capacity of their facilities.
This limited flexibility in the short run often results in an incomplete adjustment to market conditions and leads to temporary imbalances between supply and demand, affecting prices and profits. As such, businesses must carefully analyze the short-run dynamics to optimize their strategies and decision-making.
Because the short run encompasses a specific time frame that can vary depending on the industry or market, it does not have a fixed duration, but it is generally shorter than the long run, a period in which all factors of production can be changed. The duration of the short run is influenced by factors such as the nature of the industry, technology, and the availability of resources.
The concept of the "short run" is derived from economics. The word "short" has its roots in Old English, where it was spelled "sceort". It is related to the Old High German word "scurz" and the Old Norse word "skorta", both of which also mean "short".
In economics, the term "short run" refers to a period of time in which the amount of at least one factor of production is fixed, while others can be adjusted. This term was first introduced by economist Alfred Marshall in the late 19th century, and it later became widely used in economic theory.
The term "short run" is often contrasted with the concept of the "long run", which refers to a period of time in which all factors of production can be adjusted.
