Apply What You Have Learned About Development and Development Theories

question 22

Essay

Apply what you have learned about development and development theories to speculate on the following thought experiment: What if anything might be different about today's international economic order if the Spanish had colonized North America and the English had colonized ?South America?

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Definitions:

Production Possibilities Curve

A graphical representation that shows the maximum possible output combinations of two goods or services an economy can achieve when all resources are fully and efficiently utilized.

Efficient

Characterizes a system or process that achieves its goals with minimal waste of time, resources, or effort.

Unattainable

Something that cannot be achieved or reached, often used in the context of goals or objectives that are beyond reach due to current limitations.

Outward Shift

An increase in the production capacity of an economy, often represented as an outward movement on a graph.