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Colonial Economy

TermDefinition
New England Colonies Jobs Fishing, timbering, and ship building
Middle Colonies Jobs Trade (Merchants) and growing staple crops
Southern Colonies Jobs Growing cash crops
Southern Labor Around 250,000 slaves, used them to work the fields
Middle Labor 40,000-80,000 slaves, used them to work in shipyards or work in fields
New England Labor 1,000-5,000 slaves, used them to fish, timber, or work in shipyards
Slave A human being who worked for life and is a person who is the legal property of another and is forced to obey them
Indentured Servant Worked 4-7 years in exchange for voyage to America, but most of them stopped doing this because they died during their term of service
Mercantilism Creating and maintaining wealth by carefully controlling trade; Britain used this to make money off of the Colonies and forced them to lose money
Navigation Acts Law made by Britain that stated the colonies could only trade with Britain, mercantilism is a really big part of this
Favorable Balance of Trade When a country exports more than they import
Import Goods that are brought into our country that are made in another country
Export Goods that are made in our country and shipped to other countries
Economy Producing, distributing, and consumption of goods and services
Common Jobs Fur trapping, maintaining small farms, and making household items
Created by: 18ShupeB