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Colonial Economy

Production The making of an item
Distribution The selling of an item
Consumption The buying of an item
Good A physical item
Service An act that helps someone else
Common Jobs Small farming, making of household items, and fur trapping and selling
New England Jobs Timber, Shipbuilding, and fishing
Middle Colonies Jobs Farming staple crops and shipyards
Staple Crop A crop that is continuously in demand
Examples of a stape crop Corn,wheat,barley, and oats
Southern Colonies Jobs Farming cash crops
Cash crop A crop grown to make money
Examples of a cash crop Tobacco, rice, and indigo
Indentured Servant A person who agrees to work for 4-7 years in the colonies in exchange for a free voyage to America
Slave A person who is forced to work without pay for a lifetime service
New England Slave Labor 1,000- 5,000 slaves- the least amount of slaves
How does the New England colonies use slave labor? The slaves worked in houses and shops.
Middle Colonies Slave Labor 13,000-15,000 slaves- had the second biggest slave population
Southern Colonies SLave Labor 230,000 slaves- had the most amount of slaves
How does the Middle Colonies use slave labor? They worked in the fields, they were blacksmiths, shipbuilders and carpenters.
How does the Southern Colonies use slave labor? They worked on the farms planting and growing cash crops.
Mercantilism Creating and maintaining wealth carefully controlling trade.
How does Great Britain use Mercantilism? Great Britain forces the colonies to send raw materials to them and to buy manufactured goods from them.
What is an import? Goods that are brought to our country that were made in another country.
What is an export Goods that are made in our country that are shipped to another country.
What is the Favorable Balance of Trade? When a country exports more than they import
Who has the favorable balance of trade? Great Britain
What were the Navigation Acts? A law made by Great Britain that the colonies could only trade with Great Britain.
How does the Navigation Acts tie together with Mercantilism? The were creating and maintaining wealth by controlling trade through the Navigation Acts.
Created by: 18millerj