Diverse economic structures

Definition

The term "diverse economic structures" refers to the different ways in which the Northern and Southern colonies developed their economies during the 17th century. Each region had distinct economic activities, such as farming, trade, and manufacturing, that shaped their overall economic systems.

Related terms

Agriculture: The practice of cultivating crops or raising livestock for food and other resources.

Mercantilism: An economic theory emphasizing the importance of exporting more goods than importing in order to accumulate wealth and power.

Indentured Servitude: A labor system where individuals worked for a set period of time (usually 4-7 years) in exchange for passage to America or other benefits.