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Colonial Economy
Review
Term | Definition |
---|---|
Economy | Production,Distribution,Consumption,of Goods, and Services |
Production | Making of an item |
Distribution | Selling of an item |
Consumption | Buying of an item |
Goods | Any physical item |
Service | An act of helping someone |
Economic Regions | New England,Middle,Southern |
New England Colonies | Ship Building,Fishing,Timber |
Middle Colonies | Staple Crops:Wheat,Barley,Shipbuilding,Trading |
Southern Colonies | Cash Crops:Tobacco,Rice,Indigo |
Indentured Servant | Someone who chooses to work 4-7 years in return to a trip to America. Stopped because they were treated poorly like the slaves |
Slave | Someone who is forced to work for the rest of their life |
Slave Labor by Region | New England(mainly families,little slaves),Middle(more slaves for staple crops,Farming),Southern(a lot of slaves for cash crops,Farming) |
Mercanitilism | Creating and maintaining wealth by carefully controlling trade. Britain made the Colonies only trade with only them |
Import | Goods brought in a country made from another country |
Export | Goods made in a country shipped to another country |
Favorable Balance of Trade | When a country exports more than they import.Britain had it because they sold more then they bought. |
Navigation Acts | Law made that you can only trade with the country that made the law.Similar to Mercantilism because they both control who the other country trade to and only who |
Common Jobs | Household Items,Fur Trading,Small Farms |
Cash Crops | Crops made for own profit |
Staple Crops | Crops that are in demand |