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Refer to Map 12.3 and discuss the nature and extent of Chinese seafaring in the early fifteenth century. What technological advantages made those Chinese travels possible?
Percentage
A way of expressing a number as a fraction of 100, used to compare proportions or calculate ratios.
Efficiency Loss
The loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is unattainable.
Tax
Compulsory financial obligation or different form of levy placed on a taxpayer by a government entity to finance public spending.
Excise Tax
A tax imposed on specific goods, services, or activities within a country, often levied on items like tobacco, alcohol, and gasoline to discourage their use or generate revenue.
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