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Colonial Economy

TermDefinition
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
Raw Materials Materials before being processed or manufactured into a final form.
Manufactured Goods products that have been made from raw materials, especially as a large-scale operation using machinery.
Triangular Trade A pattern of trade between England, Africa and the American Colonies.
Mercantilism Creating and maintaining wealth by carefully controlling trade. Because Great Britain is maintaining wealth
Navigation Acts Law made by Britain that started the colonies could only trade with Britain. They could only trade raw materials and could only sell manufactured goods from Britain
Favorable Balance of Trade When a country exports more than they import. Great Britain has it
Economics Production: making of an item
Economics Distribution: selling of an item
Economics Consumption: buying an item
Economics Goods: a physical item
Economics Services: the act of helping someone ex: teacher,waitress,lawyer,banker,preacher
Common Jobs Small Farms,making of soap,candles
New England Colonies shipbuilders,ship operators,and fishing they used slaves for agricultural labor
Middle Colonies furs and crops staple crops they used slaves for household items
Southern Colonies tobacco and rice cash crops they used slaves for farming on big plantations
Created by: 18giamarcof