What were the three types of economy in New England during the end of the seventeenth century?I'm assuming that my teacher is asking for the three most prominent forms of economy found in New...
What were the three types of economy in New England during the end of the seventeenth century?
I'm assuming that my teacher is asking for the three most prominent forms of economy found in New England. In my textbook, it was mentioned that the accused witches from the Salem Witch Trials "came from families associated with Salem's burgeoning market economy."
I would strongly suggest you look in your textbook or in your notes for this. It is hard to know what, exactly, your teacher has in mind. Here are two possible ways to answer this.
First, you might distinguish between A) a domestic market economy, B) a domestic subsistence/barter economy and C) an export economy. The difference between A and B is that in A you have people who are producing goods that they sell to other people. By contrast, in B you have people producing goods for their own consumption only or perhaps trading goods with their neighbors. B is a much more communal and traditional system whereas A is more individualistic and "modern." C, of course, is different than the others since it is focused on selling to other countries.
Second, you might distinguish between types of economic activity. You might say that one type of economy was a farming economy. A second might be artisanal, where you have people in small shops in towns making things like carriages or silverware or hats. Finally, you could say that there was a trading economy. This would be the part of the economy that was based around buying and selling over relatively long distances.
There are other possibilities and it seems likely that a teacher would not ask this question unless there were something in your book or notes that lists "the" three types.