Final answer:
Long-term plans are developed by individuals or organizations who can think and act over longer timescales, such as policy makers and academics.
Step-by-step explanation:
Long-term plans cover a period of in excess of five years and tend to be developed by individuals or organizations who have the ability to think and act over longer timescales. In the context of government, long-term plans are often developed by policy makers, think tanks, and academic experts who can consider the long-term health and viability of the country without being constrained by short-term electoral cycles. For example, academia is well-suited to formulate long-term plans as academics have the freedom to pursue research over extended periods and can contribute to global agendas rather than focusing on the interests of a single entity.
In the context of economics, businesses facing market supply decisions, consider long-term plans to be more feasible for expansion projects and operational scaling than short-term outlooks, due to the extensive timeline required for building infrastructure, hiring staff, and implementing growth strategies.