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Colonial Economy Rev

Colonial Economy Review

QuestionAnswer
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
Created by: 18MillerE