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Colonial Economy Rev
Colonial Economy Review
| Question | Answer |
|---|---|
| What is Economy | The production,distribution, and consumption of goods and services. |
| Another way of defining economy | The Making (Production),selling (Distribution), Buying (Consumption) of Products (Goods) and Acts to help someone else (Services) |
| What are some common jobs of the colonies | Small farming, Fur selling, and Household jobs (Cloth making, candle making) |
| What are the three main Jobs in the New England colonies | Collecting Timber, Shipbuilding, Fishing |
| What are the two main jobs in the Middle colonies | Staple crop farming and Trading with merchants |
| What is a staple crop | A crop that is continually in demand |
| What are three examples of a staple crop | Wheat, Barley, Oats |
| What is the main job in the Southern colonies | Cash crop farming |
| What is a cash crop | Grown for the sole purpose of making a profit |
| What are three examples of a cash crop | Indigo, Tobacco, Rice |
| What are the two main forms of labor in the colonies | Slaves and indentured servants |
| What is a slave | Forced labor until death for nothing in return |
| What is an indentured servant | A form of labor that the servant works for 4-7 years in return for a free trip to America |
| Which group of colonies has the largest number of slaves | The Southern colonies |
| Which group of colonies had the least amount of slaves | The New England colonies |
| Which of the three groups of of colonies was inbetween the most and the least in slave population | The Middle colonies |
| What work did slaves in the New England colonies do | Blacksmith, household duties |
| What work did slaves in the Middle colonies do | Staple crop farming |
| What work did slaves in the southern colonies do | Cash crop farming |
| What is Mercantilism | Creating and Maintaining wealth by carefully controlling trade |
| What country practiced Mercantilism? Whose trade did they control | Great Britain practiced Mercantilism. They controlled the colonies trade |
| What is an Import | Goods brought into our country that are made in another country |
| What is an Export | Goods that are made in our country and shipped to other countries |
| What is a favorable balance of trade | When a country exports more goods than it imports |
| What country had a favorable balance of trade | Great Britain |
| What were the Navigation Acts | Law made by Britain that stated the colonies could only trade with Britain |
| Why did people stop becoming Indentured servants | They had hard living conditions and many did not survive to the end of their terms |
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18MillerE
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