Final answer:
The term 'peculiar institution' refers to slavery in American history. Slavery was a system where African and African-American individuals were held as property and forced to work without pay.
Step-by-step explanation:
The term 'peculiar institution' refers to 1) Slavery in American history. Slavery was a system where African and African-American individuals were held as property and forced to work without pay. It played a significant role in the economic development of European colonies in North America, particularly in the Southern colonies where labor-intensive crops like tobacco, rice, and indigo were grown.