The long-run marginal cost curve intersects the long-run average cost curve at the minimum point of the latter. When long-run marginal costs are below long-run average costs, long-run average costs are falling (as to additional units of output).iven that LRAC is an average quantity, one must not confuse it with the long-run marginal cost curve, which is the cost of one more unit. The LRAC curve is created as an envelope of an infinite number of short-run average total cost curves, each based on a particular fixed level of capital usage.
Globalization is the increasing interaction of people, states, or countries through the growth of the international flow of money, ideas, and culture. Globalization is primarily an economic process of integration that has social and cultural aspects. It involves goods and services, and the economic resources of capital, technology, and data. The steam locomotive, steamship, jet engine, and container ships are some of the advances in the means of transport while the rise of the telegraph and its
LINK / CITE ADD TO WORD LIST. noun. The definition of globalization is the process of growing and expanding to exist throughout the entire world. An example of globalization is when a company has offices in the US, Europe, China, Mexico and throughout the world.lobalization-Investment & Finance Definition. The spreading influence of companies beyond their national borders and increased interconnectivity between the economies and cultures of countries. Since 2000, there have been increasingly vocal protests against the ill affects of globalization.