Final answer:
The Palace of Minos was founded on Knossos on the island of Crete, serving as the cultural and administrative center of the Minoan civilization and playing a critical role in Mediterranean trade.
Step-by-step explanation:
The Palace of Minos was founded on Knossos, located on Crete. The Palace of Knossos, at its peak between 1700 to 1450 BCE, was not just an elaborate dwelling but functioned as a political, economic, administrative, and possibly ceremonial center for the Minoan civilization. It was a central hub in the Mediterranean trade route, with an advanced design that included a central courtyard and complex architectural features.
The palace was also surrounded by communities and was an epicenter of Minoan culture, where artifacts such as frescoes depict various aspects of their society, including the infamous bull-leaping.