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7303669
US Economy (1921-1929) Cont
Description
Mind map of US economy
No tags specified
us
economy
mass production
history
gcse
Mind Map by
Jack Thorpej
, updated more than 1 year ago
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Created by
Jack Thorpej
almost 8 years ago
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Resource summary
US Economy (1921-1929) Cont
Mass Production
FORD
New production
Standardisation
Just made one type of car
Standard shape and sizes
Less skilled workers
Assembly Line
Time taken rapidly decreased
12H to 1H33mins
Model T
Introduced 1914
Division Of Labour
Split up jobs for specific parts
Faster assembly-More employment
Average Wage rose by 8%
Effects on CAR INDUSTRY
1908- Ford car cost $850 . 1926- Improved Ford cost $300
1915- 1 mil cars 1939- 28 mil cars
In the USA
By 1932, there were 7000 ford dealerships
More employment
By 1929 - 4 mil workers depended on Car Industry
Meant more consumers
By 1929 - 75% of all leather,glass and rubber went to car industry
Led to growth in roads
About 400,000km of roads built in 1920s
More opertunity for vacations
Major Factor in BOOM
Other manufacturers starting using Assembly Lines
Normally expensive items such as fridges and radios became available to almost anyone
5000 FRIDGES MADE IN 1921
890,000 FRIDGES MADE IN 1929
Stock Market
How it worked
Buying shares in company
Price of share went up with demand for share
In the 1920s, new industries made so much money , shares continued upwards
People started buying shares not for dividend but to sell again
Stock Market Boom
From 1927- it seemed like everyone was using stocks
Heavy investments in Radio, Fridges. New consumer items
1926- 450.8 mil spent on trading
By 1929- 890,000 mil spend on trading
Price of share for radio went from
$0.94 -March 1928
$5.05- September 1929
Buying on Margin
People began to borrow money on shares
Thinking they could pay it back once they sold the share for more
By autumn 1929- Banks were investing with peoples savings
Federal Policies
Laissez Faire attitude
Calvin Coolidge said "Business of America is business"
Few attempts to regulate business
eg, Tariffs and taxes were cut
Led to problems after war
Low wages in rural areas/ large strikes and loss of jobs
New Industry/ Hire purchase
Many new industries started out using Hire Purchase
Many people could not afford luxury good outright
Paid over time
No-longer unrespectable
Became very popular
Took mortgages out on house
Led to Depression as they could not pay back
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