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