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Colonial Economics

Colonial Economics. By Miss O. Money. A medium of exchange Currency, which includes coins and paper bills Few people had paper money and coins to use to buy goods and services.

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Colonial Economics

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  1. Colonial Economics By Miss O.

  2. Money • A medium of exchange • Currency, which includes coins and paper bills • Few people had paper money and coins to use to buy goods and services. • Share the 2 sentences you wrote down about your colonial character and what he or she might have bartered to get what he or she needed to live on.

  3. Barter • Trading/exchanging of goods and services without the use of money • Barter was commonly used instead of money.

  4. Credit Debt • A good or service owed to another • Buying a good or service owed to another • Farmers and other consumers could also buy goods and services on credit and pay their debts when their crops were harvested and sold.

  5. Saving • Money put away to save or to spend at a later time. • Colonial Virginia had no banks.

  6. Tobacco = $$$$ • Tobacco was used as money. • A tobacco farmer could use his tobacco to pay for goods and services.

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