causes of the boom Flashcards
How long did the Ford assembly line take to create one car?
93 minutes
What industries did mass production aid?
Steel, rubber, glass leather and oil
How did mass production create more jobs?
There was more demand for more products
What goods did mass production cause there to be more bought of?
Cars, washing machines, vacuum cleaners etc.
What did the Republican’s policy “Rugged individualism” mean?
people being left to look after themselves
What was the Fordney McCumber Tariff?
A tax placed on all imported goods from other countries
How did the Fordney McCumber tariff aid the boom?
More people bought the American goods as they were cheaper
What new advertising techniques were used?
billboards
mail order catalogues
newspapers
radios
How did the advertising techniques aid the boom?
People were more persuaded to buy the products which boosted the production industry
What was hire purchase?
Paying a deposit on an item, taking it home and then paying off the cost in instalments
What was credit?
Borrowing money from the banks to buy goods
When companies sold shares of their businesses, by what percent did prices averagely rise?
300%
What does buying a share “on the margin” mean?
Buying a share with borrowed money
