True or False? In colonial Virginia, most people were wealthy merchants.
False
What kind of crop can we not eat but can use for trading?
cash crop
Give two examples of services provided in Colonial Virginia.
cutting hair, shoeing horses, repairing tools
What did people call a traveling salesman during colonial Virginia?
a peddler
In colonial Virginia __________ was used as money.
tobacco
What is a valuable act that we pay a person to do?
a service
True or False? Farmers bought goods on credit and paid for them when their crops were sold.
True
Money set aside to spend at a later time is called ________.
Savings
What item did the Roanoke Indian tribes use for money?
shells
Money owed to someone else is called ____________.
debt
True or False? Colonial Virginia had no banks.
True
Currency is ______________.
coins and paper money
_________________ allows you to buy a good or service now and pay for it later.
Credit
Farmers went into debt when they ____________________________.
bought goods and services and promised to pay for them when their crops were harvested and sold.
Most historians think people started doing what more than 2,000 years ago?
using coins as money
True or False? Tobacco was never used as money.
False
True or false? Most people in Colonial Virginia used coins and paper money instead of bartering.
False
What did a peddler bring besides goods from community to community?
news/gossip
Trading a bushel of apples for a new axe is an example of ______________.
bartering
What is economics?
the way people get what they needs and want
A medium of exchange or currency is called __________.
money
To trade without using money is called ____________.
bartering
What did a peddler use to store his goods for sale?
a wagon
What do we call an item that a person needs or wants?
a good
What did the ancient Mayans use for money?
chocolate (cacao) beans