Final answer:
Short term length in business refers to the period during which fixed inputs cannot be altered, and it varies by business type without a specific fixed duration. In the long run, on the other hand, a firm can adjust all factors of production.
Step-by-step explanation:
The question of short term versus long term in business is one of flexibility and adaptability of factors of production. The short run in economics is a period during which at least one input, typically physical capital or labor, is fixed, and firms cannot adjust it. In the long run, firms can change all their inputs, scale their operations, and effectively adapt to changes in the business environment. Short term length can vary greatly among different types of businesses and is not strictly defined by a specific duration; it is instead characterized by the inability to alter fixed inputs.
Final answer: Short term length cannot be quantified by a strict timeframe; instead, it is defined by the constraints on changing fixed inputs within a period that is determined by the unique characteristics of a specific business.
The long-term period is when a business is able to adjust all factors of production, including all inputs, to respond to market changes or to scale the business. Although businesses operate in the short run, they do indeed operate in the long run as well, as the long run represents a conceptual time period where all inputs can be varied to achieve a new equilibrium based on changes in both internal and external business factors.