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Colonial Economy

QuestionAnswer
Making an item Production
Selling an item Distribution
Buying an item Consumption
Common Jobs in the Colonies Farming, Trading furs, Making of Household items
Jobs in the New England Colonies Shipbuilding, Timber, Fishing
Jobs in the Middle Colonies Staple crops, Shipyards
Job in the Southern Colonies Growing Cash Crops
A person who agreed to work for 4-7 years for their trip to America Indentured Servant
Person who was forced to work for a lifetime Slave
Had the most slaves Southern colonies
Had the least slaves Northern colonies
Had the second to most slaves Middle colonies
Creating and maintaining wealth by carefully controlling trade Mercantilism
To bring products into your country Import
To send products to other countries Export
When a country exports more than they import Favorable Balance of Trade
Law made by Britain that stated the colonies could only trade with Britain Navigation Acts
Tobacco, rice, and indigo Cash crops
Corn, wheat, barley, and oats Staple crops
Who has the favorable balance of trade Britain
Ties to mercantilism by being in control of who the colonies trade with Navigation Acts
Britain uses it to control trade Mercantilism
Stopped because of the bad living conditions Indentured Servants
A physical item such as clothing, food, etc. Good
Something someone does for someone else like a teacher, doctor, etc. Service
Uses slaves to plant cash crops Southern Colonies
Uses slaves to plant staple crops Middle Colonies
Uses slaves to build ships New England Colonies
Created by: 18HuntK