USA HISTORY

Detailed explanation-1: -The British capitalized on the abundance of resources provided by the colonies they had established in the “New World.” Mercantilism, an economic theory that encourages trade to build wealth, was one of the leading factors of making the colonial economy profitable and building wealth for the British.

Detailed explanation-2: -Economy: Farming was difficult in the Massachusetts Bay Colony so people found other means of making a living by establishing a manufacturing base and trade. Major industry for the colony included Agriculture (fishing, corn, livestock), Manufacturing (lumbering, shipbuilding).

Detailed explanation-3: -The New England colonies developed an economy based on shipbuilding, fishing, lumbering, small-scale subsistence farming, and eventually, manufacturing. The colonies prospered, reflecting the Puritans’ strong belief in the values of hard work and thrift.

Detailed explanation-4: -The colonial economy depended on international trade. American ships carried products such as lumber, tobacco, rice, and dried fish to Britain. In turn, the mother country sent textiles, and manufactured goods back to America.

Detailed explanation-5: -The opportunity to make money was one of the primary motivators for the colonization of the New World. The Virginia Company of London established the Jamestown colony to make a profit for its investors. Europe’s period of exploration and colonization was fueled largely by necessity.