Early Economy Flashcards
What is economy?
The way people use resources to make a living
_________ determined economy
Geography
What is topography?
Shape of land
What geography did the New England colonies have?
The region has rocky soil, uneven topography, a cold climate, is heavily forested, and lacked a navigable river system
What resources and crafts did New England’s economy depends on? What did they trade?
Subsistence farming, fishing
They traded timber, fish, and whale products
What is subsistence farming?
When you farm just for family not to sell
What is triangle trade?
A series of trading steps where at each stop you trade for something more valuable
What is mercantilism?
An economic system followed by most European nations in the 17th and 18th centuries, countries saw all other European nations as rivals
What were the 3 goals for mercantilism?
- Keep gold in mother country
- Have a favorable balance of trade
- Have self-sufficiency
How did colonies help their mother countries achieve the goals of mercantilism?
Colonies had to pay mother countries for manufactured goods and colonies provided resources for the mother countries
What is the definition of the Navigation Acts?
Laws passed to regulate colonial trade and shipping
What were the 4 restrictions of the Navigation Acts?
- Raw materials from the colonies could be sold only to England
- Finished products could only be bought from England
- Nothing manufactured could be mass produced
- All ships trading with the colonies had to be English and 3/4 of crews had to be English
What could you do if England didn’t make a product?
Buy it from another country and get taxed by England
England enforced the Navigation Acts rather loosely until ____
1763
What was the geography of the Middle Colonies?
It was good for farming. It had fertile soil, gently rolling hills, a moderate climate, and navigable rivers.