Economic Boom

Niamh MacElvogue
Mind Map by Niamh MacElvogue, updated more than 1 year ago
Niamh MacElvogue
Created by Niamh MacElvogue over 5 years ago
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Description

Edexcel iGCSE history

Resource summary

Economic Boom
1 (L)aissez faire
1.1 no interference
1.2 policy of the REPUBLICAN presidents
1.2.1 Harding
1.2.2 Coolidge
1.2.3 Hoover
1.3 No interference in business and kept taxes low
1.4 No controls on financial institutions
2 (A)ssembly line
2.1 Invented by Henry Ford
2.1.1 (producing the Model T Ford)
2.2 Costs were kept low
2.2.1 Cars all same colour
2.2.2 Same engine size
2.3 By 1929, 6 cars a minute were being mass produced
3 (C)redit
3.1 allowed customers to pay for consumer goods in installments
3.2 6 out of 10 cars paid for using credit
3.3 Firms allowed customers to pay by installment or hire purchase
4 (K)nowledge
4.1 Inventions helped the development of new technology
4.2 Bakelite - plastic
4.2.1 Used to make radios and telephones
4.3 Electricity was developed giving factories a cheap and easy power source
5 (P)osition of the USA in the world
5.1 USA came out of war well
5.2 Supplied Europe with many goods
5.3 Didn't join until 1917
5.4 America had become the world leader in industries like chemicals, rubber, wood and oil
6 (A)dvertising
6.1 Companies spent huge amounts of money on advertising
6.2 Advertising encouraged people to buy things they didn't even know they wanted
6.3 It was vital because mass produced goods have to be sold to a mass market
7 (N)ew consumer goods
7.1 Cars
7.2 Radios
7.2.1 In 1916 there were 60,000 radios and by 1929, there were 10 million
7.3 Refrigerators
7.3.1 For every one in 1921, there were 167 by 1929
8 (T)ariffs
8.1 The US government wanted to protect their industries so they put high taxes called tariffs on imported goods
8.2 Foreign goods were more expensive so most Americans bought US goods
8.3 Created more jobs in US factories
9 (S)hare confidence
9.1 Confidence among Americans was sky high
9.2 People invested in companies by buying shares
9.3 Also confidence to buy goods and try out new ideas
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