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History IGCSE > Causes of Economic boom > Flashcards

Causes of Economic boom Flashcards

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1
Q

What was carpe diem?

A

live for the day

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2
Q

How was the first world war cause of boom?

A

USA joined war in 1917 so its economy was not badly hurt
they took over colonial trade
they took control of the chemicals industry in Germany
People’s attitude changed
WW1 propaganda was basis of advertising
WW1 inventions

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3
Q

What did the chemicals industry develop?

A

Plastic, rayon, fertilizers and dyes

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4
Q

What was the hire purchase/credit?

A

Getting loans and paying back the money in installments

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5
Q

How did hire purchase/credit help the economic boom?

A

Even poorer people could afford goods which led for industries to produce more and made more big profits

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6
Q

What is the advertising industry?

A

WW1 propaganda techniques used in advertising . This made people aware of new products led to bigger profits hire more workers who spent their wages on consumer goods

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7
Q

How did the change of social attitudes of people lead to the economic boom?

A

Before the war they were traditional in attitudes.

After war attitudes changed. People were willing to spend money, consume more.

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8
Q

Which raw materials did USA have?

A

Coal
Oil
Wood
Food

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9
Q

Why was coal needed?

A

For electricity

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10
Q

Why was oil needed?

A

For petrol for new cars, planes

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11
Q

Why was wood needed?

A

For housing industry

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12
Q

Why was food needed?

A

So could feed workforce and the cities where industry based

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13
Q

Why was raw materials the cause of the economic boom?

A

USA didn’t have to import lots of raw materials- which would be expensive

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14
Q

What is laissez- faire?

A

Government believed should not interfere in business and economy- less bureaucracy

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15
Q

What is tariffs?

A

Taxes on imports made them more expensive than products made in USA- people bought American products. So companies made profits- workers - consumerism

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16
Q

Who put tariffs on imported and when?

A

1922 Fordney McCumber

17
Q

What were trusts?

A

One or few companies would dominate a sector of industry

18
Q

Who dominated the steel factory?

A

Carneige

19
Q

Who dominated the oil industry?

A

Rockefeller

20
Q

How were trusts helpful?

A

Companies could control production, prices, wages of workers and maximize profits.

21
Q

How did taxes help economic boom?

A

Taxes were low so people could spend money on products

22
Q

What were new methods of production?

A

Assemble line- products were made quicker so the price dropped so they sold more making more profits so could employ more workers who could buy US products

23
Q

What were the new methods of managing businesses?

A

Taylorism

24
Q

What was taylorism?

A

New way of organizing timing in way things did= efficiency= so company more productive, bigger profits

25
Q

What were the new industries?

A

Hoovers, fridges, radios, telephones and cars

26
Q

What did the car industry lead to?

A

Development of tourism, motels, petrol stations, garages, advertising billboards, road building, house building which required skilled craftsmen

27
Q

What was the importance of electricity to the boom?

A 
electrical lighting at home
appliances at homes
kitchen appliances
radio and film- advertising
fresh fruits and vegetables- supermarkets helped markets annually
transport in elevators 
street lighting 
lighting in factories- assemble lines
28
Q

What was the importance of the banking system and hire purchase/credit?

A

1920 banking system was not very regulated
lots of small banks usually in rural areas
banks didn’t have liquidity
banks lent money to investors on stock markets

29
Q

What was the importance of the car to the economic boom?

A 
Encourages petrol industry 
Advertising 
Building cities 
tourism increased because of hotels 
mechanics- garages 
glass and rubber industries boomed 
road building 
car racing 
increase in trade 
street lighting 
entertainment= cinemas/ sports stadia
30
Q

What was mass advertising?

A 
Billboards 
radio 
magazines 
catalog 
sponsorship 
electric signs 
on cars and trucks

History IGCSE (14 decks)

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