The document summarizes the economic systems that developed in the colonies. A free-market economy existed where prices were not controlled by the king and each colony had its own government. Children would become apprentices at age 9-10, learning a trade and working for room and board until age 21 when they could work as a journeyman or start their own business. Indentured servants were people who could not pay for their voyage and worked for families for several years to pay off their debt. Slavery began as the tobacco industry grew and plantations required cheap labor for crops like rice, indigo, and cotton. The slave population in Virginia increased from less than 200 in 1640 to over 28,000 by 1700.

8. Free-Market Economy The colonies are a free-market system. This means that the king had little to no control over the economy in the colonies. *Each colony has its own government and they make everyday decisions *Conflicts between the English and colonists don’t begin until later when the English begin trying to control the finances of the colonists (taxes, fees, etc.)

9. Apprentices Children would go to school until the age of 9 or 10. Then they become an apprentice, learning a trade and working for free. *Room, clothing, and food paid for *At 21 you could work as a journeyman or try to start your own business

10. Indentured-Servants A person that could not pay for their trip to America would have his or her voyage paid for and then be indentured to a family or master for several years.

11. Slaves Slavery Begins: The growth of the tobacco industry creates the need for slave labor *Plantations system begins (crops such as rice, indigo, and cotton required cheap labor also) *Were often taught a trade, but never had the opportunity to run their own business

12. Slaves In 1640 there are less than 200 slaves in Virginia, but by 1700 there are more than 28,000 slaves in Virginia.