A term is a period of duration, time

Time

Time is a part of the measuring system used to sequence events, to compare the durations of events and the intervals between them, and to quantify rates of change such as the motions of objects....

 or occurrence, in relation to an event

Phenomenon

A phenomenon , plural phenomena, is any observable occurrence. Phenomena are often, but not always, understood as 'appearances' or 'experiences'...

. To differentiate an interval or duration, common phrases are used to distinguish the observance of length

Length

In geometric measurements, length most commonly refers to the longest dimension of an object.In certain contexts, the term "length" is reserved for a certain dimension of an object along which the length is measured. For example it is possible to cut a length of a wire which is shorter than wire...

 are near-term or short-term, medium-term or mid-term and long-term.

It is also used as part of a calendar

Calendar

A calendar is a system of organizing days for social, religious, commercial, or administrative purposes. This is done by giving names to periods of time, typically days, weeks, months, and years. The name given to each day is known as a date. Periods in a calendar are usually, though not...

 year

Year

A year is the orbital period of the Earth moving around the Sun. For an observer on Earth, this corresponds to the period it takes the Sun to complete one course throughout the zodiac along the ecliptic....

, especially one of the three parts of an academic term

Academic term

An academic term is a division of an academic year, the time during which a school, college or university holds classes. These divisions may be called terms...

 and working

Employment

Employment is a contract between two parties, one being the employer and the other being the employee. An employee may be defined as:- Employee :...

 year in the United Kingdom

United Kingdom

The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...

; Michaelmas term

Michaelmas term

Michaelmas term is the first academic term of the academic years of the following British and Irish universities:*University of Cambridge*University of Oxford*University of St...

, Lent term

Lent term

Lent term is the name of the spring academic term at the following British universities:*University of Cambridge*Kings College London*London School of Economics and Political Science*Exeter University*University of Lancaster...

 or Easter term

Easter term

Easter term is the name of the summer term at the University of Cambridge, the University of Wales, Lampeter, University of Durham, and formerly University of Newcastle upon Tyne , in the United Kingdom...

, the equivalent to the American semester. In America

United States

The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 there is a midterm election held in the middle of the four-year presidential term, there are also academic midterm exam

Midterm exam

A midterm exam is an exam given near the middle of an academic grading period, or near the middle of a quarter or semester. The midterm can serve several purposes. First, it can tell students if they should revise their study habits for the rest of the term or maintain their successful study habits...

s.

In economics

Economics

Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...

, it is the period of time required for economic agents to reallocate resources, and generally reestablish equilibrium

Economic equilibrium

In economics, economic equilibrium is a state of the world where economic forces are balanced and in the absence of external influences the values of economic variables will not change. It is the point at which quantity demanded and quantity supplied are equal...

. 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

Finance

"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...

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.

Other terms

• Contractual term
  Contractual term
  A contractual term is "Any provision forming part of a contract" Each term gives rise to a contractual obligation, breach of which can give rise to litigation. Not all terms are stated expressly and some terms carry less legal gravity as they are peripheral to the objectives of the...
  
  , a legally binding provision
• Term of office
  Term of office
  Term of office or term in office refers to the length of time a person serves in a particular office.-Prime Minister:In the United Kingdom, the Prime Minister has no term limits...
  
  , the length of time a person serves in a particular office
• Term of patent
  Term of patent
  The term of a patent is the maximum period during which it can be maintained into force. It is usually expressed in number of years either starting from the filing date of the patent application or from the date of grant of the patent. In most patent laws, renewal annuities or maintenance fees have...
  
  , the maximum period during which a patent can be maintained in force