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Colonial Economy

The science of manufacturing, distributing, and consumption of goods and services. Economics
Manufacturing Making of
Distribution Selling
Consumption Buying
Goods Product
Service An act to help someone
The three economic bases of the New England Colonies. Lumber, building ships, and fishing.
The two economic bases of the Middle colonies. Shipyards and staple crops.
The economic base of the Southern Colonies. Cash crops.
Common jobs of the colonies. Small farms, trapping and trading furs, shipyards, and household items.
Staple crops were __________. Wheat, barley, and oats.
Cash crops were__________. Tobacco, indigo, and rice.
What were the two uses of labor in the colonies? Indentured servants and slaves.
Slave labor was the most popular in this region. What was their job and why did they do it? The Southern colonies. They worked the cash crops because it was labor intensive.
What region had the least amount of slaves? What was their job there? The New English colonies. They did craftsmanship work.
What is the job of the slaves in the Middle colonies? Working the staple crops.
When you export more than you import is called ________. Favorable Trade
Trading and maintaining wealth by carefully controlling trade. Mercantilism
To import is to receive goods from other countries.
To export is to ship goods to other countries.
Continually in demand. Staple Crops
Who had favorable balance of trade? Britain
What are the Navigational Acts? What did they have to do with Mercantilism? A law made by Britain stating that the colonies could trade only with Britain. Because they made these laws they were following Mercantilism.
Created by: 18ErbA