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The Spanish colonies in North America failed, in part, because:
Minimum Inventory
The lowest quantity of stock that must be kept on hand to prevent stockouts, taking into account lead times and demand variability.
Perfect System
An idealized or hypothetical system that operates without any faults, failures, or inefficiencies.
Raw Materials
The unprocessed natural resources or substances that are used in the manufacturing of goods, providing the basic material from which products are made.
Finished Products
Goods that have completed the manufacturing process but have not yet been sold or distributed to the end user.
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