The adjective long, with origin in the Latin word largus, can be used in a physical sense (to name that which has a lot of length or whose length exceeds the width) or symbolic (to indicate that something is long, long or continuous).
Term, from Latin placĭtum (“agreed”), it’s a weather or term designated for something. The concept is also used to name the expiration of said term.
The notion of long term, therefore, it is linked to the idea of a relatively long period of time. It can be something that develops, becomes concrete, or ends long after its creation or emergence.
It should be noted the fact that the term at hand is always used in contrast to two others: short term and medium term. Thus, this first of the two refers to a short period of time, the second to a somewhat longer period and the one that we address in this definition is the period that extends the most.
Within different areas, these three terms are used. This would be the case of the microeconomics sector where this easy classification is made:
• Short term, which refers to months or a maximum of one year.
• Medium term, which is established between 2 and 10 years.
• Long term, which exceeds 10 years.
For instance: “This is a long-term investment, which will only pay off in the next decade”, “If you teach a child to save, you will be promoting the development of their ability to think in the long term”, “These problems can only be solved in the long term: there are no magic and immediate solutions”.
Take the case of a team of soccer who signs a 15-year-old gamer. Said hiring is thought long-term, since the child is expected to continue growing and developing before joining the professional staff. It is likely that the player will debut in the first division at 20 or 21 years, that is, more than five years after being hired.
A company who decides to start manufacturing a new product, for his part, invests millions of dollars in machinery. Taking into account the amount disbursed and the time it will take to recover the investment, it can be said that it is a long-term profitable project.
In addition to all the above, we would have to point out the existence of what is known as long-term memory. Inactive or secondary memory is how it is also called, which is a type of memory that is characterized by the fact that it is capable of storing memories for decades.
It should also be noted that it is classified into two large groups:
• Procedural memory, which is encoded in what is the cerebellum and which is what gives the opportunity to carry out certain movements or the use of objects. A clear example of it would be riding a bicycle.
• Declarative memory. From this we can highlight that it is the one that comes to be made up of all that set of memories that, consciously, are available.