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USA > Causes Of The Boom > Flashcards

Causes Of The Boom Flashcards

1
Q

On what was the economic boom based?

A 
First World War
Industries and methods 
Republicans policies
State of mind
Three raw materials
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2
Q

How did the First World War contribute to the boom?

A
  • joined late in 1917
  • lost fewer resources
  • lent money and sold goods
  • took over trade
  • trade to European countries increased
  • leaders in industries
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3
Q

When did the USA join ww1 and what did this mean?

A

Late in 1917

Lost less resources

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4
Q

Who did the USA sell goods and lend money to during WW1?

A

The allies

One way trade

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5
Q

Why did USA take over trade during WW1?

A

European countries busy fighting

Trade to these counties increased

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6
Q

What industry did USA take over during WW1?

A

Germany’s chemical industry

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7
Q

What proposed the newest most efficient techniques?

A

The industrial efficiency movement

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8
Q

When was the first moving production line set up and by who?

A

1913

Henry Ford

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9
Q

How did the moving production line (assembly line) help lead to the boom?

A

Increased production

Each worker had a specific job

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10
Q

How many cars made in 1900 and 1929?

A 
1900= 4000 cars made
1929= 4.8 million
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11
Q

What was the first mass produced car?

A

Model T Ford

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12
Q

How many cars were there in 1919 and 1929?

A 
1919= 9 million
1929= 26 million
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13
Q

What percentage of all glass used was used in cars?

A

75%

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14
Q

What other consumer goods were made cheaper and why was this?

A

Radios
Vacuum cleaners
Washing machines
Due to assembly lines

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15
Q

How much did total industrial production increase by in the 1920s?

A

50%

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16
Q

What were introduced (advertising)?

A 
Sophisticated sales and marketing techniques 
Salesmen 
Posters
Billboards 
Radio adverts
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17
Q

How much was spent on advertising?

A

3 billion a year

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18
Q

What encouraged poorer people to buy items on credit?

A

Credit schemes

Buy now pay later

19
Q

How many radios were bought on credit?

A

8/10

20
Q

How many cars were bought on credit?

A

6/10

21
Q

What did hire purchase allow people to do?

A

Buy from mail order catalogues such as sears roebuck

Make weekly payments

22
Q

Who was in charge for most of the 20s?

A

Secretary of treasury

Andrew Mellon

23
Q

How did low taxation help the boom?

A

More cash to spend

24
Q

Why did people buy more American goods?

A

Cheaper

Import tariffs put tax on foreign goods

25
Q

Why were businesses allowed to grow without interference?

A

Laissez faire

26
Q

What were trusts?

A

Huge super corporations

Dominated by business men eg Rockefeller

27
Q

How did normalcy help the boom?

A

Kept USA out of world politics and problems

28
Q

How did industries and methods cause the boom?

A

Production line/ assembly line
Advertising
Credit schemes
Hire purchase

29
Q

How did republican polices cause the boom?

A

Low taxation
Laissez faire
Trusts
Normalcy

30
Q

How did state of mind cause the boom?

A

Good time to spend

Bad to save

31
Q

How did the three raw materials cause the boom?

A

Abundance of them
Exported and didn’t have to import them
Made consumer goods

32
Q

What did most people believe about spending?

A 
It was good
Bad to save 
Wanted to eat lots
Latest consumer goods 
Keep up with neighbours
33
Q

What are some raw materials?

A 
Coal
Iron
Oil
Made money by exporting it
Saved by not importing
34
Q

What had immigration made USA?

A

A ‘melting pot’ of different races, cultures and religions

35
Q

By the early 1900s, how many nationalities were living in USA?

A

Over 100 different nationalities

Population of nearly 110 million

36
Q

What was the policy to keep USA out of the war?

A

Isolationism

37
Q

Why did isolationism allow the USA to prosper financially?

A

Loaned money to Britain and allies to buy food, weapons and equipment mainly from USA
Created many jobs for Americans

38
Q

Why were American inventors and businesses able to exploit the USA’s resources and make money from them?

A

Nations such as France, Russia, Germany and Britain were exhausted by the end of the war

39
Q

What was America the only nation without?

A

Huge wartime debts

40
Q

What policy put high taxes on imports, making more goods more expensive?

A

The Fordney-McCumber Tariff

41
Q

What happened as a result of the Fordney-McCumber Tarrif?

A

Americans made more US-made goods, creating more goods for Americans

42
Q

Why could the rich invest more money? What did this allow them to do?

A

Republican government cut taxes paid by the rich and their companies
The could invest more money to start more businesses, creating more jobs

43
Q

Why did people have more money to spend?

A

Taxes generally low

USA (42 decks)

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