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Colonial Economy

Economy of the colonies

QuestionAnswer
Goods that are brought into our country that are made in another country Import
Goods that are made in your country and shipped to be sold in other countries Export
Creating and maintaining wealth by controlling trade Mercantilism
Law made by Britain that stated the colonies could only trade with Britain and colonists were forced to ship raw materials and then buy the manufactured goods back from Britain Navigation Acts
A country exports more goods than they import Favorable Balance of Trade
A person who agrees to work from 4-7 years in exchange for his voyage to the colonies Indentured servant
A person forced into labor without pay or benefits for their entire life Slave
Name the region whose economy was based on cash crops Southern
Name the region whose economy was based on staple crops,working in shipyards, merchants Middle
Name the region whose economy was based on timber, shipbuilding, and fishing Northern
Name the jobs common to all regions of the colonies Working on small farms, fur trapping and trading, and making household products
Name the region of the colonies that had over 200,000 slaves used mostly as intense laborers on large plantations. Southern
Name the region of the colonies that had around 15,000 slaves who lived in cities, worked on small farms, and in shops Northern
Name the region of the colonies that had around 23,000 slaves who learned trade skills such as carpenters, blacksmiths,ships or on shipyards. Middle
The science that deals with the production, distribution, and consumption of goods and services is called Economics
To make something is to Produce
To sell something is to Distribute
To consume is to Buy
Physical items Ex.clothes, technology, cars, food Goods
An act that helps someone Ex.lawyers, teachers, policemen, plumbers, waitresses Services
Crops that are continually in demand for example wheat,oats, barley Staple Crops
Crops grown for the purpose of making money such as tobacco, rice, and indigo Cash Crops
Name 2 reasons why indentured servants eventually ended Bad living conditions and very hard work (treated like the slaves)
Created by: Mary Jane Lorson