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Colonial Economy

Economy The production,distribution, and consumption of a good or service.
Production the making of an item
distribution the selling of an item
consumption buying of an item
good physical item like a shirt
service the act of helping someone like a teacher
Common jobs of the colonies small farms, fur trapping, and the making of house hold items like candles
New England jobs Timber, shipbuilding, and fishing
Middle Colonies Jobs merchants and staple crops
Southern Colonies jobs cash crops
Indentured servant someone who agrees to work 4-7 years in exchange for passage to America
Slave Someone who is forced to work for their entire life with no pay
Similarities between slaves and indentured servants same living conditions
Why did the number of slaves rise? The conditions were so bad for indentured servants that no one wanted to get there passage that way.
New England Colonies slave labor few because they didn't need them because they didn't really have many crops
middle colonies slave labor some but not so much because they also had merchants not just crops
Southern colonies slave labor a lot because they lived mainly off of cash crops which were labor extensive
Mercantilism creating and maintaining wealth by controlling trade, Britain did this when they forced the Colonies to sell their raw materials to them and forced them to buy their manufactured goods.
Import something you buy
export something you sell
favorable balance of trade exporting more than you import, Britain has it
navigation acts a law made by Britain that the Colonies could only trade with them. Britain controlled the trade between them and the colonies so they had the better trade
Staple crop a crop that is always in demand like wheat barley and oats
cash crop profitable crops like indigo, rice, and tobacco
Created by: 18SharierA