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Colonial Economy
Colonies and Britain
| Term | Definition |
|---|---|
| Import | Goods that are brought into our country that are made in another country. |
| Top imports | oil,electronics, and machinery |
| Export | Goods that are made in our country and shipped to other countries. |
| Raw Materials | Materials before being processed or manufactured into a final form. |
| Crops, timber and fur | Raw Materials |
| Manufactured Goods | Products that have been made from raw materials especially as a large-scale operation using machinery. |
| Furniture (timber), clothing such as hats and coats (fur) and food (crops) are all examples of a | Manufactured Good |
| Triangular Trade | A pattern of trade between England and the American Colonies. |
| Mercantilism | Creating and maintaining wealth by carefully controlling trade. |
| Navigation Acts | Law made by Britain that stated colonies could only trade with Britain. |
| Favorable Balance of Trade | When a country exports more than they import. |
| Economics | The branch of knowledge concerned with the production, consumption, and transfer of wealth. |
| Production | Making of an item |
| Distribution | Selling of an item |
| Consumption | Buying of an item |
| Goods | A physical item |
| Services | An act of helping someone |
| Indentured Servant | A person who agrees to work 4-7 years in exchange for their voyage to America. |
| Slave | Forced labor with no pay and a lifetime of service. |
| New England Colonies | 1,000-5,00 slaves. |
| Middle Colonies | 15,000 slaves |
| Southern Colonies | 230,000 slaves |
| Common Jobs | Farming, making household items (such as candles, soap, clothing) and fur trading. |
| Staple Crop | Eaten routinely and in such quantities that it constitutes a dominant portion. |
| Cash Crop | A crop produced for its commercial value rather than for use by the power. |
| New England Colony Jobs | Carpenters, ship rights, sail maker, coopers, blacksmiths, bakers, weavers, and gold smiths. |
| Middle Colony Jobs | Slavery was encouraged and they worked on sugar and rice plantations or on farms that grew staple crops. |
| Southern Colony Jobs | Farming was a big part and they did things more labor intensive. |
| The Three Staple Crops | wheat, barley, and oats |
| The Three Cash Crops | Tobacco, Rice, and Indigo |
Created by:
18mulletsydney
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