STANDARD 8-1 INDICATOR Mercantilism

Transcription

1 Bell Work Rice became known as, a staple crop and the source of long term prosperity. a. Indigo b. Corn c. Carolina Gold d. Cotton Answer: c 2. An economic system in which the mother country controlled trade in order to export more goods than it imports. a. Slavery b. Trade c. Hunting d. Mercantilism Answer: d

2 STANDARD 8-1 INDICATOR Mercantilism

3 Previous/future knowledge: In grades three and four, students learned about the role of African Americans in the developing plantation economy (3-2.5), trade with Barbados (3-2.4) and the triangular trade (4-2.3). Students have also learned about the policy of mercantilism (7-1.4) in grade seven.

4 Do Now 1. Look at the prefix ex in the following words. Then make an inference as to what the prefix ex means. Excerpt (a short text out of a larger text) Exclude (to keep someone out of a conversation) Excursion (to take a short trip out to a place ) Ex-girlfriend (someone with whom a person was once associated) Ex means 2. Look at the prefix im in the following words. Then make an inference as to what the prefix im means. Immersion (to be involved deeply in something) Immure (to bring in or keep someone against their will) Impact (the action of one object being in forcible contact with another) Implode (to collapse inward) Im means

5 Focus Statement Explain how South Carolinians used the practice of mercantilism to gain economic prosperity.

6 Why study economic relationships? The need for European countries to make money and gain power caused them to create colonies in foreign countries, and dictate the rights of those colonists and create slavery.

7 Agenda Do Now (4) Agenda and Why (2) Minilesson: Vocabulary (7) Guided Practice: Scenarios (15) Independent Practice: Write it out (5) Share Out (3) Exit Ticket (8) Wrap Up (1)

8 Vocabulary Word Definition Example Your Definition Export Import Shipping goods out of a country to sell abroad Bringing goods into a country to buy from abroad Germany exports Mercedes-Benz sell in the United States. The United States imports Ferrari for Americans to buy, which is made in Italy.

9 Vocabulary Word Definition Example Your Definition Mercantilism The economic belief that if a country has more exports than imports, it will be richer. If the United States exports more Ford cars, than we import Ferraris, we should make more money than Italy.

10 Notes: The European countries had a, scarcity of raw goods or not enough natural resources within their boundaries to make a lot of money. Therefore, they needed to expand into other countries, creating colonies to send them raw goods and sell goods to. In the colonies, people took the raw goods around them, like, lumber, cotton and iron to export to the mother country. Once in the mother country, the Europeans use the raw goods to create manufactured goods, like, furniture, tools and. fabrics More colonies and raw goods = More manufactured goods, money, and markets for the mother European country.

11 Check for Understanding Explain the difference between imports and exports. Explain what mercantilism is. Explain why the European mother countries needed colonies. (use the words scarcity, raw goods, and manufactured goods in your explanation).

12 Mercantilism The British government encouraged the development of new products such as indigo by offering subsidies (or bounties) to planters who grew it. Both rice and indigo were on the enumerated list of products that could be sold only to England. South Carolina planters therefore had a secure market in which to sell their crops. However the British government did not enforce this part of the law on Carolina rice, giving South Carolina the economic advantage of a wider market. The British government was lax in its enforcement of most mercantilist laws (a condition known as salutary neglect) and so the people of British North America were free to develop their economies without much interference from the mother country.

13 Wealth and Slavery in Carolina In 1660 the English began to regulate trade with the colonies more closely. This careful regulation was part of the policy known as mercantilism. Growing rice and indigo made Carolina rich, but rice and indigo plantations had to have slave labor. As a result, large numbers of African slaves were sold to Carolina planters. African slave culture became an important part of life in Carolina.

14 Scenario 1: Import vs. Export Label the arrows on the map below using the terms export, import, raw goods, and manufactured goods. Fill in the blanks using the words import and export. Use the word import and export to fill in the blanks below. Colonies raw goods to England, which means England those raw goods. England manufactured goods to the colonies, which means the colonies those manufactured goods.

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16 Scenario 2: Mercantilism Explain what happened when exports of finished goods England were greater than imports of raw materials.

17 Scenario 3: Mercantilism Part 2 Explain what trading restrictions England started imposing (forcing) on the colonists. How were those restrictions connected to profit for England?

18 Scenario 4: Trading within the Colonies Predict what would happen to English mercantilism if the colonies created and traded their own manufactured goods. Use the term scarce, raw goods, manufactured goods, and markets in your response.

19 Natural Human Economics/ Political Settlement and Trade with Barbados SC traded deerskin Pine products/ naval stores (masts, tar, resin, and pitch to build boats) Fertile Land produces crops to trade Mild Climate Barbadian settlers brought African slaves and plantation system SC traded Native American slaves Thriving trade developed Plantation System Barbadians brought their political system Growing Rice First grown in open field later planted in field fed by tidal creeks in the low country Rivers and streams Mild Climate Navigable waterways- Good Port Easy to ship goods Major from African slaves from Barbados and Africa Hard work and Knowledge of growing rice. Carolina Gold Cash crop Mercantilism/Great Britain placed on enumerated list- guaranteed market for rice. Later able to sell to other countries. Growing Indigo Fertile land Warm climate Eliza Lucas African Slaves Second Cash Crop for South Carolina Mercantilism/Great Britain placed on enumerated list- guaranteed market for indigo. Mercantilism Pine Products Deer skin Warm climate Fertile Soil Rivers and Streams Raw Materials Developed the Middle class/ Merchants and sea captains African slaves worked to plant and harvest goods traded with Great Britain. Native Americans- Trade/ Deerskin and Fur Market for good SC shipped raw materials Great Britain sent finished products Great Britain offered subsides for growing rice and indigo GB placed certain items on enumerated list= Guaranteed market for colonial goods. Also limited trade for colonies.

20 Independent Practice The theory of mercantilism meant that countries need to export more than import. England created colonies to get more raw materials. The American colonies goods to England. England than turned those goods into goods. The colonies then bought and those goods from England. The more goods England, the more profit it made.

21 Key Terms Export Independent Practice: Raw Import Manufactured Scarcity Mercantilism Directions: Mr. Hicks wrote a description of English mercantilism. However, he left out several significant key terms. Use the terms you learned today to complete his description of mercantilism. You can use the terms multiple times. The theory of meant that countries need to export more than it. England created colonies because it had a of raw materials. The American colonies goods to England. England than turned those goods into goods. The colonies then and bought those manufactured goods from England. The more goods England to markets in the colonies, the more profit England made. England started restricting who the colonies could trade with. When colonies turned their own goods into goods, it created a of raw goods for England. Therefore, England imposed many trading restrictions on its colonies.

22 Exit Ticket Directions: Respond to the prompt using a thesis and evidentiary sentences that use the key vocabulary from today s lesson. Describe the economic relationship between England and the colonies using the following economic terms: mercantilism, scarcity, raw goods, manufactured goods.

23 Materials Needed SC Standards Text book Informational Text Document Camera/Promethean Board PowerPoint Teacher Created Notes Teacher Created Graphic Organizers Student resource Manuel ( SRM )

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