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Colonial Economy
| Question | Answer |
|---|---|
| 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
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