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What were some of the elements that the Western Hemisphere lacked that would have made state building quicker and more complete? Why?
Domestic Supply
The total amount of goods and services produced within a country that is available for purchase.
Domestic Demand
The total demand for goods and services within a country's borders, excluding exports and including imports.
Comparative Advantage
The ability of a country or firm to produce a particular good or service at a lower opportunity cost than its trading partners.
World Price
The global market price of a commodity, determined by international supply and demand.
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