1a: 1920s Econ Boom - Overview Flashcards
What occurred in 1920 and 1921?
A brief post war recession.
What did unemployment never go above in the years 1922-1929?
It never rose above 3.7%
Was inflation high?
No, inflation never rose above 1%.
What did working hours go down to?
1920: Avg 47 hours.
1929: Avg 44 hours.
What did real wage of industrial workers rise by?
It rose 14% between 1914 and 1929.
On avg, wages were 2-3 times higher than in Europe.
How much did the production of industrial goods rise by?
50% between 1922 and 1929.
What was the nation’s GNP in 1929 compared to 1920?
1920: $73 billion
1929: $104 billion.
What was the value of all the radios sold in 1929?
$852 million worth of radios were sold.
What did management science seek to do?
Sought strategies so that goods could be produced as efficiently as possible.
What was impactful about the growth of advertisement?
The growth of sophisticated advertising meant there was a continuing demand for products.
What enabled the growth of sophisticated advertising?
New media such as the radio.
The industrial sector boomed, however which sector faced difficulties and why?
The agricultural sector faltered due to falling prices and overproduction.
Which groups were largely excluded from these new economic opportunities?
Women and black Americans.
