Instructions: Identify the Following Terms

question 8

Short Answer

Instructions: Identify the following terms.
encomienda system

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Definitions:

Trade Surplus

A Trade Surplus occurs when the value of a country's exports exceeds the value of its imports within a certain period.

Trade Deficit

A situation where a country's imports exceed its exports.

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than others, leading to specialized trade benefits.

Special Natural Endowment

Unique natural resources or advantages that a country or region possesses, which can provide a competitive edge in certain industries or sectors.