Many Developing Nations Spent Years of Their Existence as Colonies

question 17

Essay

Many developing nations spent years of their existence as colonies of northern countries.This has a profound impact on their respective cultures,languages,and economic systems.Describe some of the negative influences of colonization,and explain how those experiences continue to influence the perceptions of Western intervention.

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Definitions:

Profit

The financial gain made in a transaction or operation, calculated as the difference between the revenue earned and the costs incurred.

Short Run

A time period in economic analysis during which at least one factor of production is fixed, influencing the firm's decisions on output and pricing.

Profit

The financial gain realized when the revenue generated from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Competitive Industry

An industry where no single firm has a large market share and each firm must compete on price, quality, and innovation to attract customers.