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Economics
Question | Answer |
---|---|
Economy | Production- making Distribution- selling Consumption- buying OF Good- physical item. Ex. food Service- action done for others. Ex. teacher |
Common Jobs North | lumber, shipbuilding, fishing |
Common Jobs Middle | staple crops(for eating), working in the shipyards |
Common Jobs South | cash crops(for selling), worked in the fields |
Slave | Someone who works against their will without pay for their entire life |
Indentured Servant | Someone who works for 4-7 years and in return they could get a voyage to America. It was stopped because people usually never made it through their years |
Common Jobs | farmers, household items, fur trapping/trading |
Slave Labor North | Thousands of slaves, chopping wood |
Slave Labor Middle | Tens of thousands of slaves, planted/harvested staple crops |
Slave Labor South | 230,000 slaves, planted/harvested cash crops |
Mercantilism | Creating and maintaining wealth by carefully controlling trade |
Import | Goods that are brought into our country that are made in another country |
Export | Goods that are made in our country and shipped to other countries |
Favorable Balance of Trade | When a country exports more than they import |
Navigation Acts | Law made by Britain that stated the colonies could only trade with Britain |
Production | Making an item |
Distribution | Selling an item |
Consumption | Buying an item |
Goods | Physical item, Ex. food |
Services | Act for someone else, Ex. teacher |