Tariffs and Preferential Tariffs
A tariff is otherwise known as a tax. As BNA was growing quickly, trade between people, and regions, and nations was also growing. The main product sold during this time was wheat and timber (wood). Since BNA was young, and was a British colony, Britian decided to help the BNA 's wheat and timber industry grow by giving them PREFERENTIAL TARIFFS. So, British people and businesses were buying wheat and timber from other nations too, but the import tariffs for the BNA were LESS which meant that more British would choose to buy from BNA rather than other countries because they would save money! This caused business in BNA to BOOM!!!!
To this day, most countries, including Canada have Preferential Tariffs. See the link:
To this day, most countries, including Canada have Preferential Tariffs. See the link:
The Industrial Revolution
What is the Industrial Revolution??? Google image the two key words and see what you find. Can you define it based on the images you get?? Double tap on the wall below and post an image or one-liner that you think can help to describe the Industrial Revolution: (use the usual password)
THINK: What kind of "Revolution" do you think we are going through currently in our world?
REFLECT: What kind of changes will occur or needs to occur because of this "Revolution" we are in?
REFLECT: What kind of changes will occur or needs to occur because of this "Revolution" we are in?
Work on your own ...Continue to read the sections marked "Economic Conditions" You may or may not understand all the vocabulary. While reading, place questions marks in areas where you are not sure of meaning. Be honest. Grown ups read things every day that doesn't always make sense. This is part of learning.
Key terms include:
- Tariffs/Taxes
- Preferential Tariff
- Corn Laws
- Free Trade
- Reciprocity Treaty
- Economic Boom
- Economic Bust
Next... ask a peer to see if they can help with explaining the section of question. There will also be opportunity for open questions with me and hopefully I can answer your questions well!
SHOW WHAT YOU UNDERSTAND: Complete questions from 1-5 about the Economic Conditions of BNA during the mid 1800s. (You may have already completed 1-3 from a previous class)