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Colonial Economy

What is the definition for economy? The production, distribution, and consumption of goods and services
What are the common jobs found in the colonies? Trapping, Small farms, Sawmills
Name 3 jobs found in the new england region. Timber, ship building and fishing
Name 2 jobs for the middle colonies. Growing of staple crops and trading
What is a staple crop? Crops that are always in high demand
What jobs did the southern colonies have they grew Cash crops
what is a cash crop? Crops that can be sold for money
What was an indentured servant? someone who would work for 4-7 years for a trip to the colonies.
what is a slave? someone who was forced to work for their entire life without benefits
Why did indentured servants eventually die off? Because most of the servants didn't make it 4-7 years.
What is an import? Something that is shipped into your country from another country.
what is an export? something that is shipped from your country to another country
what is favorable balance of trade? Having more money on exports than on imports
How did Britain make money from the colonies? they forced them to send raw materials and then britain would use the materials to make manufactured goods and sell it back to them for a profit.
Created by: 18AnkromA