Short Run

1. The short run is a period of time during which some of the costs of production are fixed (i.e., a time frame that is not long enough for fixed production facilities, technology, or institutional arrangements to be changed). See also long run. A time period of insufficient length to allow decision makers to adjust fully to a change in market conditions. In the short run, producers may be able to increase output by using more labor or raw materials, but they will not have time to expand the size of their plants.