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Colonial Economy
Review
| Term | Definition |
|---|---|
| Production | making of an item |
| Consumption | Buying of an item |
| Distribution | selling of an item |
| Goods | a physical item |
| Service | Something you do to help someone else |
| Common Jobs | Farming, making of household items, and trapping and trading of furs |
| New England Colonies' economic practices | timber, shipbuilding, and fishing |
| Middle Colonies' economic practices | Farming staple crops and shipyards |
| Southern Colonies' economic practices | Farming cash crops |
| Indentured Servant | Someone who agrees to work for four to seven years in exchange for the voyage to America. |
| Slave | Someone who is forced to work their whole life in exchange for nothing. |
| Amount of slaves in New England region | few, least among the colonies |
| Amount of slaves in Middle region | More than New England region, but less than the Southern region |
| Amount of slaves in Southern region | Most among the colonies |
| Mercantilism | Creating and controlling wealth by carefully controlling trade |
| Favorable Balance of Trade | when a country exports more than they import |
| Navigation Acts | law made by Britain that stated that the colonies could only trade with Britain |
| Imports | Bringing goods or services into a country from another country to sell |
| Exports | to send goods or services to another country to sell |
| Staple crop | A crop that is in continuous demand (Ex. corn, wheat, barley, oats) |
| Cash crop | a crop that you sell for a profit (Ex. rice, indigo, and tobacco) |
| New England region slave use | the workers were the citizens |
| Middle region slave use | used slaves for working on the farms |
| Southern region slave use | workers mostly slaves |
| Who had Favorable Balance of trade? | Britain had favorable balance of trade over the colonies |
| What do the Navigation Acts say? | Stated that he colonies could only trade with Britain |
| How do the New England priorities tie together | get wood to build ships to go fishing |
| Why didn't anyone want to be an indentured servant? | The actual servants told the others about the nasty treatment they received. |
| How did the colonies break the Navigation Acts? | They traded with Africa. |
Created by:
18shetlerc
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