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Colonial Ecomonics
| Question | Answer |
|---|---|
| what is production | The making of an item |
| What is distribution | The selling of an item |
| What is consumption | The buying of an item |
| What is goods | A physical item |
| What is services | An act you do that helps someone |
| What was one common job of the three | Agriculture |
| What is another common job of the three regions | Fur trapping and fur trading |
| What is the last common job of the regions | Making of household items |
| How does New England make their money | Timber, fishing, and ship bulding |
| How does timber, fishing, and ship building tie together | They use the timber to make ships to fish |
| How does the middle make their money | They grow staple crops(wheat, oats, barley, and corn) and are trading |
| How does the south make their money | They grow cash crops.(Rice, indigo, and tobacco) |
| What is a slave | A slave is a person who was forced into slavery for life. |
| What is an indentured servent | An indentured servant is a person who agrees to be a slave for 4-7 years to get their ship fare paid for. |
| How many slaves were in New England | about 1,000 |
| How many slaves were in the middle | Tens of thousands |
| How many slaves were in south | Over hundreds of thousands |
| What is mercantilism | Maintaining wealth by carefully controlling it. |
| What is import | Buying an object from a foreign country and bringing it IN |
| What is export | Selling an item to e foreign country and shipping it OUT |
| What is Favorable Balance of Trade | When you export more than you import |
| What is the Navigation Acts | Law made by Britain that stated the colonies could only trade with Britain |
| What did the south use the slaves for | The slaves worked on farms and some on plantations |
| What did the middle use the slaves for | They worked on the farms and in some shops |
| What did New England use the slaves for | New England had very few slaves. |
| How did Britain use mercantilism | Britain uses mercantilism to maintain the colonies wealth by carefully controlling it |
| Who has a favorable balance of trade | Britain has a favorable balance of trade |
| How does the Navigation Acts tie to mercantilism | Britain made the law to be sure that they get all the wealth, more wealth then the surrounding countries. |
| What are examples of goods | household items, clothes, food, etc... |
| What are examples of services | teacher, policemen waiters, etc... |
| who mainly did their own work | New England mainly did their own work |
| What are similarities of an indentured servant and a slave | They lived in the same conditions and did the same work |
| What are the differences of an indentured servant and a slave | Indentured servant: 4-7 years agrees to being a servant gets ship fare paid for Slave: Forced to work All their life |
Created by:
18ReidenbachK
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