1920's economic boom Flashcards
how many goods sold in 1920 were hire purchase?
1/2 of all goods
what did credit and hire purchase cause?
more people buying things created creditmass market
by 1929 how much of goods were sold on credit?
$7 billion
how many cinema tickets were sold in 1929?
80 million
how much was the trade with allies in 1916 during ww1?
$3.2 billion (mostly munition)
what do food production increase to during WW1?
12.3 million to 18.6 million a year
how much of the world oil did the US consume and produce by 1920?
70%
how many cars were produced by 1929?
4.5 million
when did ford first use an assembly line?
1913
what did ford pay his workers?
$5 a day (8hrs)
what did ford reduce prices credit?
- $850 in 1914
- $295 in 1916
(also led the way to using credit)
how many people did the car industry employ?
5 million (80% of rubber and 75% of glass)
what did confidence in the stock market cause?
increased the price of shares
what were shares in 1926 and 1927?
451 million and 577 million
what was the bull market on wall street?
where prices were rising or expected to rise
how many shares were sold on wall street in 1926?
1.1 billion
when was the wall street crash because of a lack of confidence?
1929
what did the development of electricity cause?
- cheap reliable power for factories ad other things
- the invention of things like fridges, vacuums and radios
what did conveyer belts help with?
mass production
how much of the nations wealth did the largest 200 corporations have by 1929
20%
what did Coolidge’s laissez-faire attitude show?
low tax and few regulations which caused industry and profits to increase
what did Hoover believe in?
rugged individualism (made him electricity during the depression
what was conveyer?
tariffs on imported goods to limit foreign competition (encourage purchase of local produce)
what was the 1922 Fordney and tariff act?
raised import tariffs to highest ever
How much did Mellon give to large corporations in tax reductions?
$3.5 billion
what was consumerism encouraged by?
the 1920’s boom
how many homes had electric by 1912 and 1927 (encouraged by consumerism)?
16% in 1912
2/3 in 1927
how did consumerism increase female employment?
vacuums and washing machines meant women could also have jobs
how much was spent on adverts in 1929?
$3 billion (5 times that in 1914
how did the 1923 agricultural credit act help farmers?
created 12 credit banks for loans for farms working together to produce goods
how did the 1922 fordney Mccumber tariff act effect farmers
very high tariffs foreign goods so more bought local (international exports suffered)
what was the 1924 McMary- hagen bill do for farmers?
- government offered tout crops at higher 1920’s rice and sold it abroad
- doest stop problem of overproduction (other other farms didn’t reduce production the ones that did would lose out)
