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Colonial Economy

Review

TermDefinition
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
Created by: 18MillerM
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