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Colonial Economy

study for economy quiz

QuestionAnswer
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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