Gilles Herard Jr

Gilles Herard Jr, Gilles Herard, Herard Gilles Jr
The inputs or resources used in the output action are called factors of production. Conceivable inputs are generally grouped into six categories. These factors are staples, machinery, labour services, capital goods, land, and endeavor.

In the short-run, as opposed to the long-run, leastwise one of these factors of production is fixed. Examples include major parts of equipment, suitable factory space, and key staff office. A variable factor of output is one whose usage rate can be changed easily. Examples include electric power consumption, shipping services, and most raw material inputs.

In the "long-run", all of these factors of output can be corrected by management. In the short run, a firm's "scale of operations" determines the maximum number of productions that can be produced, but in the long run, there are no scale limitations. Long-run and short-run converts play an important part in economic models.