WHY WAS THERE A BOOM?

WHY WAS THERE A BOOM?

1. Resources

   • Wood
   • Iron
   • Coal
   • Minerals
   • Land
   • Oil

2. Technology

   • These made industry more efficient and cheap to run.
   • Electricity
   • Plastics
   • Conveyor belts
   • Concrete Mixers

3. Mass Production

   • Pioneered by Henry Ford
   • Taken on by all industries
   • Faster and cheaper
   • Assembly line
     • This made work faster and cheaper because each worker had a small, repetitive job and machines were doing the difficult work. 

4. Mass Marketing

   • Huge amounts spent on it
     • Newspapers
     • Radio
     • Cinemas
     • Billboards
   • Aware of products
   • Products looked desirable
   • Key markets
     • Flappers
     • Housewives
     • Businessmen

5. Credit

   • Hire purchase
   • Installments
   • "Buy now, pay later"

6. Confidence

   • Didn't see risk
   • Boom never end
   • USA= richest country
     • The USA was the richest country in the world, this meant that people thought that they shouldn't have to worry about the price of things.

7. Republican Policies

   • Harding, Coolidge & Hover
     • They were the presidents who started putting tariffs on foreign goods.
   • Lowered taxes on American goods
     • This meant that people were more likely to pay for American products.
   • 'Buy American'
     • This mean that all of the American money stayed in America. 
   • Laissez Faire
     • This means that the government doesn't interfere with businesses, it allows them to run them the way they want to. For example letting them set their own wages and enforcing their own working conditions. Business men made high profits!!