Colonial Economy
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Economy | The production,distribution, and consumption of a good or service.
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| Production | the making of an item
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| distribution | the selling of an item
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| consumption | buying of an item
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| good | physical item like a shirt
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| service | the act of helping someone like a teacher
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| Common jobs of the colonies | small farms, fur trapping, and the making of house hold items like candles
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| New England jobs | Timber, shipbuilding, and fishing
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| Middle Colonies Jobs | merchants and staple crops
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| Southern Colonies jobs | cash crops
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| Indentured servant | someone who agrees to work 4-7 years in exchange for passage to America
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| Slave | Someone who is forced to work for their entire life with no pay
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| Similarities between slaves and indentured servants | same living conditions
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| Why did the number of slaves rise? | The conditions were so bad for indentured servants that no one wanted to get there passage that way.
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| New England Colonies slave labor | few because they didn't need them because they didn't really have many crops
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| middle colonies slave labor | some but not so much because they also had merchants not just crops
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| Southern colonies slave labor | a lot because they lived mainly off of cash crops which were labor extensive
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| Mercantilism | creating and maintaining wealth by controlling trade, Britain did this when they forced the Colonies to sell their raw materials to them and forced them to buy their manufactured goods.
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| Import | something you buy
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| export | something you sell
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| favorable balance of trade | exporting more than you import, Britain has it
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| navigation acts | a law made by Britain that the Colonies could only trade with them. Britain controlled the trade between them and the colonies so they had the better trade
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| Staple crop | a crop that is always in demand like wheat barley and oats
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| cash crop | profitable crops like indigo, rice, and tobacco
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