What natural resources did the USA have?
What are 'core goods'?
Resources necessary to produce other manufactured goods
Resources from near the centre of the earth
Where did the US sell its manufactured goods?
The Far East
The USA stayed out of World War One.
The USA was not seriously affected by World War One.
The USA was made rich by World War One.
Why did the USA do so well economically from World War One?
It conquered Germany and took its land.
It made massive war loans to France and Britain, which they had to pay back after the war.
They sold arms and munitions to the Allies.
They sold food to the Allies.
What technological innovations further helped industry in the US?
The spread of electrification.
Development of computers.
New materials like plastics.
What are the names of the two political parties in the USA
Which party were in power for the whole of 1920-1932?
What, economically, is a 'laissez faire' attitude?
Treating all people in an equal manner
The government should take a strong role in the economy
Industry should be left alone to make money for the country
A tariff is a charge on imported goods.
Were the Republicans in favour of low or high taxation?
Trusts were large businesses run by people like Carnegie and Rockefeller. What were these people sometimes known as?
Captains of industry
Why did the Republicans allow the creation of trusts?
They thought businessmen knew better than politicians
They trusted them
They thought big industry was better than small industry
What is mass production?
Having one person make all of something
Making money by producing goods at a higher price
Using new production methods to make lots of one product cheaply
What is the best example of mass production?
Who was responsible for the first production line car factory?
Between 1908 and 1925 how many Model-T Fords were produced?
What is Hire-Purchase (HP)?
Buying goods on credit ('buy now pay later')
Using savings to pay for goods
Renting something cheaply, then selling it on