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Colonial Economy

QuestionAnswer
Import Goods that are brought into our country that are made in another country.
Export Goods that are made in our country and shipped to other countries
Raw Materials Materials before being processed or manufactured into a final form.
Manufactured Goods Products that have been made from raw materials, especially as a large-scale operation using machinery.
Triangular Trade A pattern of trade between England, Africa and the American Colonies.
Mercantilism Creating and maintaining wealth by carefully controlling trade.
Navigation Acts Law made by Britain that is stated the colonies could only trade with Britain.
Favorable Balance of Trade When a country exports more that they import.
Production, distribution, consumption, of goods, and services Economy
People who agreed to work for someone for 4-7 years and get a free pass to the new world. It stopped because some people didn't make the trip to the new world and they had the same living conditions Indentured servants
A person who works for someone for their entire life Slave
Fishing, timber, and ship bilding New England region jobs
Were shippers of general crops and furs, staple crops (crops that are continually in demand EX. wheat, barley, and oats), shipyards, trade (merchants) Middle colonies region jobs
Plantations, grew cash crops (grown for the sole purpose of making a profit EX tobacco, rice and indigo) Southern Colonies region jobs
They used the least amount of slaves for blacksmith's and house keepers Slave labor in New England
They used the second most slaves for staple crops Slave labor in the Middle colonies
They used the most slaves for cash crops Slave labor in the Southern colonies
Created by: 18donaldsont