Colonial Economics Flashcards
Bring in items to be used from another country
Import.
To exit out items to another country
Export
Low in supply or not avalible.
Scarcity
The ability to make more products faster + better
Productivity
Explain the triangular trade routes what were they? What colonies/ countries were involved? What was the purpose?
The routes went from 13 colonies to England to Africa and to the west indies the purpose was to send items needed by other countries and receive needed items!
Explain supply and demand
Supply is how much of a good is available demand is how much people need or want it. but demand down = price goes down demand up = price goes up.
What did the West Indies import from Africa?
slaves, gold
What did the 13 colonies import from the West Indies
molasses, sugar, and people
What did England export to Africa?
Iron products
What did the colonies export from England?
fish,whale oil,lumber,tobacco
What do countries or groups of people trade with each other?
People trade to gather materials they need or to share materials they have a lot of this helps the economy build relationships.
What type of industries did each region have?
New England colonies fish,fur,lumber,ship Middle colonies cattle,wheat,iron,fur,ships,lumber Southern colonies tobacco, farming, indigo, rice, lumber,cotton.
A farmer needs fertile land and open farmland to grow a large amount of cash crops which region would a farmer live in?
southern
A cabinetmaker uses lumber to create his cabinets for his customers. Which region would the cabinetmaker live in?
New England
A fisherman needs to be able to reach the ocean to fish both small and large sea animals which region would a fisherman live in?
New England
