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Colonial Economy

ecomony

DefinitionTerm
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
Created by: 18KurtzDustin