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Economics

QuestionAnswer
Economy Production- making Distribution- selling Consumption- buying OF Good- physical item. Ex. food Service- action done for others. Ex. teacher
Common Jobs North lumber, shipbuilding, fishing
Common Jobs Middle staple crops(for eating), working in the shipyards
Common Jobs South cash crops(for selling), worked in the fields
Slave Someone who works against their will without pay for their entire life
Indentured Servant Someone who works for 4-7 years and in return they could get a voyage to America. It was stopped because people usually never made it through their years
Common Jobs farmers, household items, fur trapping/trading
Slave Labor North Thousands of slaves, chopping wood
Slave Labor Middle Tens of thousands of slaves, planted/harvested staple crops
Slave Labor South 230,000 slaves, planted/harvested cash crops
Mercantilism Creating and maintaining wealth by carefully controlling trade
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
Favorable Balance of Trade When a country exports more than they import
Navigation Acts Law made by Britain that stated the colonies could only trade with Britain
Production Making an item
Distribution Selling an item
Consumption Buying an item
Goods Physical item, Ex. food
Services Act for someone else, Ex. teacher
Created by: 18hamsherc
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