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Colonial Economy
Question | Answer |
---|---|
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 |