USA 1917-29 Boom and Consumerism

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Izzy Noone
Flashcards by Izzy Noone, updated more than 1 year ago
Izzy Noone
Created by Izzy Noone almost 8 years ago
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Question Answer
When did the USA become the richest country in the world? In the 1920s
The American Government followed a "Laissez faire" policy. What does this mean? 1. The government let big businesses have their own way 2. There were very few rules for businesses so they could make as much money as possible
Give two other ways that the government helped business make good profits 1. American businesses paid very little tax 2. Very high taxes (tariffs) made foreign goods more expensive
How was America "naturally" rich? Rich in raw materials such as wood and oil
Which man-made disaster made the USA even more prosperous? WW1
Name the car manufacturer who first used mass-production (Henry) Ford
Give two features of mass-production 1. A moving assembly line 2. Division of labour (one person, one job)
Before standardisation, one car was individual and took 12 hours to make. How long did it take to make the standard version? 1 and a half hours
Which other industries benefited from the boom in the car industry? Oil/petrol industry Glass Iron and steel Rubber and tyre industries
Lots more jobs were create from the boom in car ownership- name two Working in diners and motels/ garages/ mechanics/ car dealerships/ road building/ travelling salesmen
Name two "new" consumer goods that were cheaper because of mass production Radios, refrigerators, telephones, washing machines
What does "Hire purchase" mean? A credit agreement where a small deposit is paid and the rest of the balance is paid off in installments over time
Give two examples of goods which saw a large increase in sales during the 1920s Fridges, radios, cars, washing machines
How much did the average wage rise by in the 1920s? 8%
What is a "Billboard"? A large advert placed on buildings or by roads
What is a "share"? A portion of a company that you can buy in order to get a piece of company profits
What is a dividend? The share of a companies profits that you gain for investing in them
What is buying "on the margin"? A credit agreement for buying shares, a small deposit is paid and the bank loans you the rest of the money to buy
In the 1920s, where was the New York stock exchange found? On Wall Street
Why did agriculture not share in the "Boom" times of the 1920s? Huge demand from WW2 had gone, too much was produced (surplus), mechanisation, prohibition (grapes and barley not in demand)
Name two old industries that did not benefit from the boom Coal, shipbuilding, railways, natural textiles- eg. leather and cotton
Give two other underlying weaknesses/problems in the US economy Many Black Americans were poor/ some immigrants were poor/ many workers and women poorly paid- didn't get a fair share of the profits/ Southern states poorer than North
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