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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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MARGINAL FACTOR COST, MONOPSONY The change in total factor cost resulting from a change in the quantity of factor input employed by a monopsony. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"Gravitation can not be held responsible for people falling in love." -- Albert Einstein
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IRPP
Institute for Research on Public Policy
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