Short-run and long-run are two terms used in economics. Both terms are used to refer to certain things that need to be done or accomplished over an extended period of time. One of the major differences between the two terms is usually influenced by the parameters set by a company since both terms can also span the same period of time.
However, when talking about operations that are expected to span for weeks and even months, the term short run is mostly used. In contrast, the term long run is used for operations that are expected to span for a year and even years. There are different concepts in economics, such as demand and supply, and many others that are influenced by time.
More resources are usually needed for operations that are expected to span for a short period of time, while business activities that are based in a long run are very easy to adjust. Business operations are based on these two terms.
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