Time-Space Compression Is One of the Key Dynamics of Globalism

question 13

Essay

Time-space compression is one of the key dynamics of globalism. Explain just exactly what time-space compression is and how it works, and give an example.

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Definitions:

ATC Curve

The Average Total Cost curve, a graph that shows the cost per unit of output at different levels of production, typically U-shaped due to economies and diseconomies of scale.

Marginal Cost

The charge incurred for the manufacturing of one more unit of a particular good or service.

Average Fixed Cost

The fixed costs of production divided by the quantity of output produced, typically decreasing as production increases.

Average Variable Cost

The total variable costs of production divided by the quantity of output produced, indicating the cost of producing one more unit of a good or service.