Economic Systems
What economic system expected colonies to make the mother country wealthier and more powerful?
What is mercantilism?
What British laws regulated colonial trade?
What are the Navigation Acts?
What is a resource used to make another product called?
What is a raw material?
At first colonists could sell their resources to whom?
To anyone / directly to buyers.
From Britain's perspective, why were trade rules reasonable?
They strengthened the British Empire / colonies were part of the empire.
Under mercantilism, what did the colonies mainly supply to Britain?
What are raw materials?
The Navigation Acts put what economic idea into practice?
What is mercantilism?
What is a finished product made from raw materials called?
What is a manufactured good?
What major change occurred when Parliament introduced new rules?
Colonists had to sell designated goods through Britain.
Why might colonists find the trade rules frustrating?
They had fewer economic choices and Britain controlled more trade.
Name two colonial raw materials listed in the study guide.
What are timber, tobacco, rice, indigo, or fur?
Under the Navigation Acts, certain goods had to travel on whose ships?
What are British ships?
Is tobacco a raw material or manufactured good?
What is a raw material?
After Parliament got involved, who could not buy restricted goods directly from colonists?
Who are European buyers?
Could Britain and the colonists view the same trade policy differently?
Yes
Complete the flow: Colonies → raw materials → Britain → ___?___ → colonies and other markets.
What are manufactured goods?
Who gained greater control over colonial trade under the Navigation Acts?
Who is Britain?
Is an iron tool a raw material or manufactured good?
What is a manufactured good?
What happened to colonists' economic choices after Parliament got involved?
They decreased / colonists had fewer choices.
What longer-term problem could economic disagreements create?
Tension between Britain and the colonies.
What was the main economic effect of mercantilism on Britain?
It strengthened Britain's economy and empire.
Give one way the Navigation Acts reduced colonists' economic choices.
They had to sell some goods through Britain / could not sell restricted goods directly to European buyers
What word means money earned after selling goods?
What is profit?
Summarize the big takeaway in terms of resources, goal, and rules, after Parliament got involved.
Same resources and same goal, but different rules gave Britain more control and colonists fewer choices.
From the perspective of a colonial merchant, explain one business problem caused by the Navigation Acts.
Fewer buyers/markets, required trade through Britain, or inability to sell restricted goods directly to Europe.