NASA EXPLAINS DUST BOWL DROUGHT. NASA scientists have an explanation for one of the worst climatic events in the history of the United States, the Dust Bowl drought, which devastated the Great Plains and all but dried up an already depressed American economy in the 1930's.
The short run [in economics] is a period of time in which the quantity of at least one input is fixed and the quantities of the other inputs can be varied. The long run is a period of time in which the quantities of all inputs can be varied.
Let's review. Microeconomics is a key area of economics that studies the behavior of individuals and businesses and how decisions are made based on the allocation of limited resources, such as time and money.