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Cobol is short for Common Business Oriented Languages. Cobol goes way back to the 1950s and is considered one of the old timers (with FORTRAN being its father). Cobol's focus was, of course, business applications that ran on large computers. Back in the 1950s Cobol wasn't really considered high-level, it was considered wordy. The wordiness makes it easy to follow the business jargon, but it also requires a lot more typing than other languages.
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