How does an economy behave in the short run different from its behavior in the long run?

The obvious difference between short-term and long-term outlook in an economy is the amount of time over which change can occur.
This difference explains why the economy behaves differently in the short and long term: when there is little time to make changes, all costs other than direct labor cannot be changed (for example, employees can be laid off quickly, but we cannot suddenly change suppliers overnight). In the long term, all production factors are subject to change. This explains why the economy behaves differently in both cases.

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