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Economy

TermDefinition
Economy The production, distribution, and consumption of a good and service.
Common Jobs Small Farms, making of soap, candles, yarn and clothes (household items), and fur trapping.
NorthEngland Timber, shipbuilding, and fishing.
Middle Staple Crops (wheat, barley, and oats), shipyards, and trade (merchants).
Southern Cash Crops (grown for solely purpose of making a profit;tobacco, rice, and indigo).
Labor Indentured Servants and Slaves.
Indentured Servant A person who agrees to work 4 to 7 years in exchange they get paid.
Slave Force labor with no pay and they have a lifetime of service.
Slave Labor 1. New England, few because they didn't need them. 2. Middle Colonies, some but not so much because they also had merchants not just crops. 3.Southern Colonies, a lot because they lived mainly off of cash crops which were labor extensive.
Mercantilism Creating and maintaining wealth by controlling trade.
Import Something you buy
Export Something you sell
Favorable Balance of Trade Exporting more than you can import.
Navigation Act A law made by Britain that the Colonies could only trade with them.
Consumption Buying of an item.
Good Physical item
Service the act of helping someone.
Production The making of an item.
Distributions The selling of an item.
Staple Crop A crop that is people make food out of and eat.
Cash Crop A crop that is sold to make money.
Indentured Servant People didn't want to be a indentured servant because they didn't get paid a whole lot and most of the slaves didn't make it out.
Mercantilism Britain used this to make money off the colonies. Britain was able to trade the Navigation Act forcing the colonies to buy manufactured goods. Such as raw materials.
New England You need the timber to build the ship and you need the ship to go fishing.
Created by: 18ShuttH