Taxes
Economics of the Colonies
Economic Markets
Economic Terms
Government Review
100
South Caroline threatened to leave the Union over a tax on goods imported from Great Britain.
What is a tariff
100
Cash Crops such as tobacco, rice, and indigo were grown in this area of the Colonies.
What are the Southern Colonies?
100
Great Britain created this market when they informed the Colonists that they could only buy their tea from the East India Tea Company.
What is a monopoly?
100
Money that has been borrowed and must be paid back
What is a debt?
100
a form of governance where people elect officials to pass laws
What is a republic?
200
A tax only placed on specific items like tobacco, alcohol, and luxury items
What is an excise tax?
200
This area of the Colonies was known as the "Bread Basket."
What are the Middle Colonies?
200
This occurs when anyone can start a business if he or she has the means to do so.
What is Free Competition?
200
The economic belief that your economic activity should benefit the mother country
What is mercantilism?
200
a form of governance where the federal government and state governments divide/share power
What is federalism?
300
These taxes are meant to protect local industry from foreign competition.
What is a tariff?
300
Rocky soil and short growing season made cash crops unprofitable in this region.
What are the New England Colonies?
300
This occurs when there are not enough buyers or sellers to create true competition.
What is an oligopoly?
300
Your ability to borrow money based on your financial history
What is credit?
300
The document that set up America's first system of government
What is the Articles of Confederation?
400
Every August, Tennessee allows consumers to purchase school supplies without having to pay this kind of tax.
What is sales tax?
400
This region of the colonies had a mixture of both agriculture and industry.
What are the Middle Colonies?
400
a market that is based on cultural custom
What is a traditional market?
400
A person makes enough for their family as well surplus to sell
What is a commercial economy?
400
the document that informed King George III and Parliament that the Colonies were free from Britain's rule
What is the Declaration of Independence?
500
This tax is deducted from your earnings and helps pay for Social Security.
What is income tax?
500
Colonists in this region gained wealth through industry and trade.
What are the New England Colonies?
500
The chief model for the American economy.
What is free market?
500
A person makes just enough for their family to live off of
What is subsistence economy?
500
This document explains the powers of the three branches of government
What is the Constitution of the United States?
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