Final answer:
In Latin America, market-based agriculture was typically conducted on large estates, or haciendas. These haciendas were large tracts of land typically used for growing cash crops during Spanish colonial times, differing from other forms of large-scale farming such as plantations, ranchos, and estancias.
Step-by-step explanation:
In Latin America, large-scale, market-based agricultural activities commonly took place on Haciendas. The term 'Hacienda' is a Spanish word that refers to a large estate or plantation. Haciendas mainly functioned in economies built around agriculture. They were dominant forms of landholding in Spanish colonial times, and they were used mainly for the cultivation of cash crops.
Plantations, Ranchos and Estancias too were large forms of land holdings, but the primary difference is geographic and historical context. For instance, Plantations are usually associated with the Southern United States and the Caribbean's colonial period where crops like cotton and tobacco were cultivated. Ranchos and Estancias, on the other hand, are usually associated with cattle raising.
Thus, the final answer in two lines is: In Latin America, market-based agriculture took place on large estates known as haciendas.
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