A System Wherein Peasants Farm Small Plots of Land for Their

question 149

Multiple Choice

A system wherein peasants farm small plots of land for their own subsistence is referred to as ________.

• A) encomienda
• B) ejidos
• C) latifundia
• D) minifundia
• E) plantations

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Definitions:

Exports and Imports

involve the selling of goods and services to other countries (exports) and buying goods and services from other countries (imports), crucial components of a country's economy.

Frederic Bastiat

Frederic Bastiat was a French economist and writer known for his advocacy of free markets and critique of protectionism, best remembered for his works such as "The Law" and "Economic Sophisms."

Standard of Living

The level of wealth, comfort, material goods, and necessities available to a person, group, or society.

Lower Cost

Refers to a reduction in the expenses incurred in the production of goods or services, improving profitability and competitive advantage.