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Colonial Economy
study for economy quiz
| Question | Answer |
|---|---|
| Making | Production |
| Selling | Distribution |
| Buying | Consumption |
| Physical Item | Goods |
| Job done for someone else | Services |
| Economic Regions: New England | Timber, shipbuilding, and fishing. Use Timber for Ships, use ships for fishing. |
| Economic Regions: Middle | Staple crops, shipyards, and trade. Use Shipyards for trade. |
| Economic Regions: Southern | Cash crops. |
| Use of labor: Slave | Slaves were forced to work for someone for life, and they didn't get anything for it. |
| Use of labor: Indentured Servant | Indentured servants worked through a 4-7 year time period through a contract, they were then free of paying the ship fee from the trip to the colonies. |
| Slave labor by region: New England | There were 15,000 slaves and they were craftspeople making candles, yarn, soap. |
| Slave labor by region: Middle | There were 23,000 slaves working on small farms with staple crops. |
| Slave labor by region: Southern | There were 230,000 slaves working on small farms with cash crops, with many slaves working in a single area due to the amount of work needed. |
| Mercantilism | Creating and maintaining wealth by carefully controlling trade |
| 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 |
| Favorable Balance of trade | When a country exports more than they import |
| Navigation Acts | Law made by Great Britain that stated the colonies could only trade with Britain; The colonies were forced to send the raw materials to Great Britain, and they were forced to buy the manufactured goods from Great Britain |
| Define staple crops | Crops that are always in demand because they are used for food. |
| Define cash crops | Crops that are grown for the sole purpose of making money. |
| Staple crops examples | wheat, barley, and oats |
| Cash crops examples | Tobacco, Rice, and indigo |
| Who has the favorable balance of trade between the colonies and Britain? | Britain |
| How does Britain use mercantilism | Great Britain is creating and maintaining wealth by carefully controlling Colonies trade |
| What are the three common jobs in the colonies? | Small farms, making soap, candles, yarn and clothes (household items), fur trapping |
| Why did the use of indentured servants die off? | The indentured servants stopped working because of the harsh living conditions. |
| How do the navigation acts tie into mercantilism? | The navigation acts do not allow the colonies to trade with other countries, but only Britain, so Britain is controlling their trade. |
| What are the 5 economic terms? | Production, distribution, and consumption of goods or services. |
Created by:
18KellerJ
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