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colonial economies
economy of colonies
| Term | Definition |
|---|---|
| Distribution | selling of an item |
| Production | making of an item |
| consumption | buying of an item |
| Southern colonies | Cash crops; rice tobacco, indigo made primarily for profit |
| New England | timber, fishing, ship building |
| Middle Colonies | Staple crops, merchants |
| Indentured servent | servant that only had to work for a certain amount of time |
| Slave | Worked forever |
| Import | What a country brings in |
| Export | What a country sells |
| Goods | items that are made to be used and to make money |
| Services | People who work to serve others needs |
| Manufactured goods | Goods made from raw materials to make other goods |
| Raw materials | Goods before being manufactured |
| Mercantilism | creating and maintaining wealth by carefully controlling trade |
| Navigation Acts | laws made by Britain that stated the colonies could only trade with Britain |
| Favorable balance of trade | When a country exports more than it imports. |
| common jobs | trapped and traded furs household items small farms |
| examples of staple crops | wheat barley oats |
| New England slaves | very few |
| Middle colonies slavery | Fair amount |
| Southern colonies slavery | A large amount |
| Britain used mercantilism | so they could control the colonies trade |
Created by:
18roubanesriley
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