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19 Cards in this Set
- Front
- Back
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Opportunity Cost
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the next best choice you gave up when you made a decision
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Productivity
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how quickly and efficiently goods are created
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Voluntary Exchange
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choosing to trade property because it benefits you
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Price Incentives
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a benefit involving cost which is given to get someone to take a certain action
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Specialization (in regards to the colonies)
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Specialization means that the people of a region make products out of resources that are common to their region.
Certain colonies had an abundance of certain resources and, consequently, specialized in making certain goods. |
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Pilgrim
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separatists (wanted to break away from the Church of England) who first settled in Plymouth, Mass., in 1620
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Puritan
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non-separatists who, in 1630, joined the migration to establish the Massachusetts Bay Colony
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Immigrant
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a person who comes into a country to make a new life
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New England Colonies
Massachusetts (Bay) Connecticut New Hampshire Rhode Island |
• rocky ground, not good for large farms
• Textiles, shipbuilding • Fishing, logging • Puritans, Pilgrims |
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Middle (Mid-Atlantic) Colonies
New York New Jersey Pennsylvania Delaware |
• soil and climate were ideal for growing wheat
• fertile land that grew so many crops used in bread baking, that they came to be called the “breadbasket” colonies. • many young people who lived in cities would become apprentices |
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Southern Colonies
Georgia/rice Maryland/tobacco Virginia/tobacco North Carolina/tobacco, corn, and rice South Carolina/rice and indigo |
• agriculture was the main focus
• warm, hot summers, long growing season • wet summers were good for growing tobacco and rice • fertile tidewater region |
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Merchants
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• men that bought and sold goods
• most often dealt with the trading between the colonies and countries (Colonies and England) |
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Farmers
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people who cultivated their own crops on their land
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Large Landowners
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• someone who owned land
• wealthy • Power to make decisions in government • during this period it was almost always a white male |
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Plantation
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large farm or large tract of privately
owned land • required a great deal of human resources, or laborers, usually slaves |
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Plantation vs. small farms...
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• large landowners made most of the
decisions, would possibly own slaves, and grow cash crops • small farm owners mostly grew staple crops to feed their own families/ • most of the colonists had small farms |
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Artisans
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• Many colonists worked in skilled trades.
• Many of these craft workers came to the colonies as indentured servants. |
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Indentured Servants
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• worked for an agreed time period/ similar to slavery...
• Their “owner” was supposed to set them free with some money after their work period was up. • Most people entered into the contract for exchange for money to come to the new world. |
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Slaves
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• worked for their entire lives without any say over their own lives
• bought and sold like goods |
