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Colonial Economy

QuestionAnswer
The Making of a good or service. Production
The Selling of a good or service. Distribution
The Buying of a good or service. Consumption
A physical item. good
An act of helping someone. service
Three Common Jobs. farming, household items, and fur traders
New England Economical focuses. Timber, Ship building, and Fishing
Middle Colonies Economical focuses. Staple crops and Shipyards
Southern Colonies Economical focus. Cash Crops
Two types of the use of labor. Slaves and Indentured servants
Indentured servant was? Someone who agreed to work 4-7 years in return for the voyage to America
Slave was? Someone who was forced to work for their entire life
New England Slave Labor? They worked in shops and on small farms
Middle Colonies slave labor? They worked on staple crops
Southern Colonies slave labor? They worked on Cash crops
Creating and maintaining wealth by carefully controlling trade. Mercantilism
To buy a good or service from another country. Import
To sell a good or service to another country. Export
When a country exports more than they export. Favorable Balance of Trade
Law made by Britain that stated the colonies only trade with Britain. Navigation Acts
Staple crop? Crop in high demand. Ex: wheat, oats, barley
Cash crop? Crop for sole purpose to make money. Ex: tobacco, rice, indigo
Why was there a shortage of indentured servants after awhile. People decided it wasn't worth a trip for harsh treatments 4-7 years long
New England used slaves by? they worked on small farms and in shops. About 1,000 slaves
Middle colonies used slaves by? they worked on farms that grew staple crops. About 15,000 slaves
Southern colonies used slaves by? they worked on farms that grew cash crops. About 230,000 slaves
Who had a Favorable Balance of trade Britain
How Navigation Act ties into Mercantilism The Britain's' used it to control the colonies trade
Created by: 18HallmanS