is a period of duration
, in relation to an event
. To differentiate an interval
or duration, common phrases are used to distinguish the observance of length
are near-term or short-term, medium-term or mid-term and long-term.
, it is the period required for economic agents to reallocate resources, and generally reestablish equilibrium
. The actual length of this period, usually numbered in years or decades, varies widely depending on circumstantial context. During the long term, all factors are variable as opposed to the short run during which at least one factor must be fixed.
or financial operations of borrowing and investing, what is considered long-term
is usually above 3 years, with medium-term
usually between 1 and 3 years and short-term
usually under 1 year. It is also used in some countries to indicate a fixed term investment such as a term deposit
, the term of a contract
is the duration for which it is to remain in effect (not to be confused with the meaning of "term" that denotes any provision of a contract
). A fixed-term contract
is one concluded for a pre-defined time, although it may also include provision for it to be extended. A contractor required to deliver against a term contract is often referred to as a "term contractor".
- Term of office, the length of time a person serves in a particular office
- Term of patent, the maximum period during which a patent can be maintained in force
Last edited on 10 June 2020, at 22:24
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