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Colonial Economy

QuestionAnswer
The science of production, distribution, and consumption of goods and services Economy
Making goods Production
Selling goods Distribution
Buying goods Consumption
Common jobs in in the colonies Farming, making household items, fur trading
New England made money by Lumber, building ships, and fishing
The Middle colonies made money by Farming staple crops and trading
The Southern colonies made money by Farming cash crops
The colony with the least slaves New England
The colony with the most slaves Southern
Forced to work for a lifetime with no benefits Slaves
Volunteered to work 4-7 years in exchange for a trip to America Indentured Servants
Creating and maintaining wealth by carefully controlling trade Mercantilism
Law made by Britain that stated the colonies could only trade with Britain Navigation Acts
Goods brought into a country from another country Import
Goods shipped out of a country to another country Export
When a country exports more than they import Favorable Balance of Trade
Any item such as food or clothing Goods
An act to help someone else Service
Staple Crops Wheat, oats, barley
Cash Crops Tobacco, indigo, rice
A crop that is always in demand Staple Crops
A crop that is grown to make money Cash Crops
Why did people stop using indentured servants? People did not want to come to the colonies because most of the servants were dying.
The colony with the second fewest slaves Middle colonies
Who has the favorable balance of trade? Britain
Created by: 18hochstetlerc