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Colonial Economy

Review

TermDefinition
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