click below
click below
Normal Size Small Size show me how
Economy
Term | Definition |
---|---|
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. |