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Colonial Ecomonics

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