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Colonial Economy
| Question | Answer |
|---|---|
| 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
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