Chapter 3 Key Words Subsistence Economy An economy

Chapter 3 Key Words

Subsistence Economy § An economy whereby fishing families provided a major part of what they needed by: § § § § Cutting their own firewood Building their own housesboats Making much of their own clothes Growing vegetables Keeping livestock Hunting birdswild animals Picking berries Preserving food by canning and storing in root sellers § In other words they were “Self-Sufficient”

Consumer Economy § An economy whereby people use cash to buy what they need

Two Economies Subsistence Consumer

Inshore Fishery § Fishery pursued by Newfoundland Labrador fishermen along the coastlines in the bays and inlets in relatively shallow water near communities

Bank Fishery § Cod fishery pursued on the Banks off the coast of Newfoundland

Labrador Fishery § First pursued by Newfoundlanders who were known as “floaters” § Went in small sailing schooners from bays along the east, north-east and southeast coasts of Newfoundland to spend the summer catching fish (migratory fishery) § The fish was not dried but was heavily salted and often brought to St. John’s to be sold

Truck System § Method of trade that existed between fishermen and merchants (store owners), also referred to as the “credit system. ” § Was a cashless or barter system whereby, in exchange for their seasons catch, the merchant would give the fisherman and his family “credit” in his store based on the quality (grade) and amount of fish § The family could then acquire such essential items as fishing gear, food and clothing

Seal Fishery § Fishery pursued by sealers around the coastline of Newfoundland Labrador for more than two hundred years § Usually sealers left their homes in March to join the sealing vessels tied up in St. John’s harbour