A term is a period of duration, time or occurrence, 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 also used as part of a calendar year, especially one of the three parts of an academic term and working year in the United Kingdom; Michaelmas term, Lent term or Easter term, the equivalent to the American semester. In America there is a midterm election held in the middle of the four-year presidential term, there are also academic midterm exams.
In economics, 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.
In finance 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.
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