Term
| What was Alexander Hamilton's plan? |
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Definition
| "A little debt is a good thing." If the gov't is indebted to the people, the people will make sure the gov't doesn't fall because they'll want their money back. |
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Term
| What was the state of early Jamestown's economy? |
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Definition
Horrible economy
Poorly run
Group of investors pouring money into it and getting nothing back, making the colonies a bad investment. |
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Term
| What pulled early Jamestown out of its economical hole? |
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Definition
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Term
| What was the Virginia company concerned with? |
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Definition
| Getting money back fast. (Tobacco) |
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Term
| What were the initial weaknesses in the colonies? |
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Definition
Lack of a stable medium of exchange
Skilled workers were scarce
High cost of production
Poor transportation
Scattered population |
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Term
| What were some sea based businesses? |
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Definition
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Term
| What were some earth based businesses? |
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Definition
| Leather, brewing, milling, mining, iron industry |
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Term
| What were some forest based businesses? |
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Definition
| Ship building, pot ash, furs, hat making |
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Term
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Definition
| Boiled ash from hardwood trees |
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Term
| What was pot ash used for? |
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Definition
| Soap, glass, fertilizers, bleach |
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Term
| What percentage of British Empire ships were made in the colonies? |
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Definition
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Term
| What were some main points of mercantilism? |
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Definition
To enrich the mother country
To encourage the growth of native merchant marines
Protect agriculture
Accumulate as much hard money as possible |
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Term
| What were the different labor systems? |
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Definition
Slave labor
Indentured servants
Convicts
Redemptioners
Tenants
Families in New England
Indians |
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Term
| What did Britain try to prevent in colonies? |
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Definition
| Manufacturing, so they wouldn't be competing |
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Term
| What were the important factors in the Triangular Trade? |
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Definition
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Term
| What happened in the Triangular Trade? |
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Definition
Colonies send sugar products to Britain
Britain sends goods to Africa
Africa sends slaves to the sugar islands and the colonies |
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