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Colonial Economy
ecomony
Definition | Term |
---|---|
the making of an item | production |
the selling of an item | distribution |
the buying of an item | consumption |
a physical item (clothing and electronic devices) | goods |
a deed done to help others (teacher, wator, and police officer) | service |
goods that area brought into our country that area made in another couontry | import |
goods that are made in our country and shipped to other countries | export |
timber, fishing, ship building | New England Colonies |
used timber to build ships and used ships to fish | New England Colonies |
grew staple crops(wheat, barley, and oats, crops continually in demand) and also had shipyards and traded | Middle Colonies |
grew cash crops(tobacco, rice, and indigo; grown for the sole purpose of making a profit | Southern colonies |
farming, making if soap, yarn, and clothes(household items) | common jobs |
two types of slave labor | indentured servant and slaves |
a person who is forced to work without pay for a life time service | slave |
a person who agrees to work 4-7 years in exchange for their voyage to America | indentured servant |
there were tens of thousands of slaves (13,000-15,000) | Middle Colonies |
there were thousands of slaves | New England Colonies |
about 230,000 slaves | Southern Colonies |
creating and maintaining wealth by carefully controlling trade | mercantilism |
when a country exports more than they import | favorable balance of trade |
laws made by Britain that stated the colonies could only trade with Britain | Navigation Acts |
Who had a favorable balance of trade? | Great Britain |
Who maintained wealth by carefully controlling the colonies trading? | Great Britain |
Why did indentured servants stop? | the indentured servants died before their 4-7 years were over |
forced the colonies to send raw materials and buy their manufactured goods | Great Britain |
slaves worked in shipyards and shops | New England Colonies |
slaves worked on shipyards and farms and grew staple crops | Middle Colonies |
slaves worked on farms and grew cash crops | Southern Colonies |