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Colony Economics

QuestionAnswer
What is economy? The science of production, distribution, and consumption of goods and services.
What is production? The making of something.
What is distribution? Selling of something.
What is consumption? Buying of something.
What is a good? A product of something.
What is a service? An act done to help someone.
What is in the economic regions? New England colonies, Middle colonies, and the Southern colonies.
What are the common jobs in the colonies? Trapping and trading furs, small farms, and making household items(making of soap, candles, yarn, and clothes).
What are the main jobs in the New England colonies? Fishing, timber, and making ships.
What are the main jobs in the Middle colonies? Staple crops(Wheat, barley, and oats, crops that are continually in demand) and Trade (Merchants).
What are the main jobs in the Southern colonies? Cash crops(Grown for the sole purpose of making a profit; Rice, tobacco, and indigo)
What was the slave used for? Forced labor for a lifetime of service for no money or benefit.
What was an indentured servant? Someone who agrees to work for four to seven years for exchange for their voyage to America.
What was the usage of slavery in the New England colonies? There were the least amount of slaves and they did agricultural labor and were craftspeople.
Wat was the usage of slavery in the Middle colonies? They used the second least amount of slaves and were carpenters, blacksmiths, and farmers. They worked on the staple crops.
What was the usage of slavery in the Southern colonies? There were the most amount of slaves and they worked on the cash crops.
What is mercantilism? Creating and maintaining wealth by carefully controlling trade.
What is an import? Goods that are brought into our country that are made in another country.
What is an export? Goods that made in our country and shipped to other countries.
What is the favorable balance of trade? When a country exports more than they import.
What is the Navigation Acts? A law made by Britain that stated that the colonies could only trade with Britain.
Why were the indentured servants unwilling to take the jobs? Because they had the same conditions as the slaves.
Who has the Favorable Balance of Trade? Britain.
Created by: 18schillingp
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