The term "Global Minimum" refers to the lowest possible value of a function across its entire domain. In mathematical optimization, finding the global minimum is crucial for solving problems where the goal is to minimize costs, energy, or other measurable factors. This concept is widely used in various fields, including economics, engineering, and machine learning. In the context of economics, the global minimum can relate to achieving the lowest level of production costs or resource usage. It helps businesses and policymakers identify the most efficient strategies for resource allocation, ultimately leading to improved sustainability and profitability.