The middle colonies, Pennsylvania, New York, New Jersey, and Delaware, mainly depended on fur trade and farming to bring money in (The Middle Colonies). Many people came to the middle colonies because of the diverse societies and opportunities (The American Promise). The middle colonies were known as the Breadbasket of North America because of the wide variety of crops (The American Promise, 133). They mainly made their money off of wheat though, as they grew it in abundance to make profit.
The Southern colonies, Virginia, Maryland, the Carolinas, and Georgia, made most of their profit off of tobacco and other cash crops, they made good money as they were the wealthiest region! Not only was the southern region the wealthiest, but also the largest (The American Promise, 135). Unfortunately, this is due to the amount of slaves brought in to work for people in the southern colonies (135). Looking at this, it all makes sense. There were lots of slaves in the southern colonies as well as lots of crops. The crop and land owners needed people to take care of the crops, therefore they had the slaves...slave population would continue to grow through the years, with the biggest prevalence in the southern colonies.
The northern colonies' economies were shaped by farming, fishing, and trading (The American Promise, 127). Though the people of these colonies may not have made an abundance of money off of these things, they were able to get by. Colonists would trade extra crops with neighbors. Because of the location of the colonies, their main export was livestock (127). It was not easy to live in this area, but even under these conditions, they were better off in North America than they were in England (128).
Search it up in a test and try to find the right answer because i have no clue in what the united.1states
<span>The Panic was the worst economic crisis to hit the nation in its history to that point. Economic historians are not certain what caused it but point to several possible factors. First, too many people attempted to redeem silver notes for gold; ultimately the statutory limit for the minimum amount of gold in federal reserves was reached and U.S. Notes could no longer be successfully redeemed for gold. Next, the Philadelphia and Reading Railroad went bankrupt. Then, the National Cordage Company (the most actively traded stock at the time) went into receivership as a result of its bankers calling their loans in response to rumors regarding the NCC's financial distress. A series of bank failures followed, and the price of silver fell. The Northern Pacific Railway, the Union Pacific Railroad and the Atchison, Topeka & Santa Fe Railroad all failed. This was followed by the bankruptcy of many other companies; in total over 15,000 companies and 500 banks failed (many in the west). About 12%-18% of the workforce was unemployed at the Panic's peak.
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