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GLOBALIZATION: The generalized expansion of international economic activity which includes increased international trade, growth of international investment (foreign investment) and international migration, and increased proliferation of technology among countries. Globalization is the increasing world-wide integration of markets for goods, services, labor, and capital. It is an ongoing process that started several centuries ago. However, most people would agree that today we are in a period of rapid globalization as international economic activity has accelerated in the last 200 years or so.

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AVERAGE TOTAL COST

Total cost per unit of output, found by dividing total cost by the quantity of output. When compared with price (per unit revenue), average total cost (ATC) indicates the per unit profitability of a profit-maximizing firm. Average total cost is one of three average cost concepts important to short-run production analysis. The other two are average fixed cost and average variable cost. A related concept is marginal cost.

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Today, you are likely to spend a great deal of time searching for rummage sales wanting to buy either throw pillows for your bed or a package of blank rewritable CDs. Be on the lookout for crowded shopping malls.
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A U.S. dime has 118 groves around its edge, one fewer than a U.S. quarter.
"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects."

-- Alexis de Tocqueville, Statesman

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