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What role did private investment and initiative play in the development of European imperialism? Give specific examples.
Transaction Costs
Expenses incurred during the process of buying or selling a product or service, typically including taxes, communication charges, and other financial fees.
Transaction Costs
Expenses incurred when buying or selling goods and services, which may include search and information costs, bargaining costs, and enforcement costs.
Voluntary Exchange
A transaction where parties involved trade goods or services by mutual agreement, without coercion.
Mutual Gain
A situation or outcome in which all parties involved benefit or profit from the arrangement or transaction.
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