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Colonial Economy
Economy of the colonies
| Question | Answer |
|---|---|
| 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
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