Final answer:
New England's economy was diverse, with a focus on whaling, fishing, shipbuilding, and small-scale subsistence farming. It was further bolstered by a strong maritime industry and trade, though British mercantilist policies at times restricted economic freedom.
Step-by-step explanation:
The economic activity of New England was diverse and included several key areas such as whaling, fishing, shipbuilding, and small-scale farming for self-sufficiency. Due to the region's long winters and rocky soil, most farmers grew crops mainly for their own survival rather than for large market sale. Besides agriculture, New England's economy was maritime-based, supported by a robust fleet of oceangoing ships and seasoned crews that transported goods like Virginian tobacco and West Indian sugar throughout the Atlantic World. This economic prowess allowed New England to flourish, attract new settlers, and act as a bastion of God's favor, as per the Puritan settlers' beliefs rooted in mercantilism.
Despite periods of economic hardship, such as the crisis of 1786-87 where farmers faced insurmountable debts and taxes, New England's economy remained resilient due to its skilled workforce and diverse economic activities. Trade also played a significant role, though it was restricted under the British mercantilist policies like the Navigation Acts, which controlled the flow of goods and maximized profit from the colonies to England.