Chapter 20 Flashcards
1
Q
Mass Production
A
-production of goods in large numbersthrough the use of machinery and assembly lines
2
Q
Model T
A
- automobile manufactured by Henry Ford to beaffordable on the mass market
- Durable
- Made affordable for the middle class using mass production
- 850 to 290 dollars (after assembly line & mass production)
3
Q
Scientific Management
A
- approach to improving efficiency
- experts looked at every step of a manufacturingprocess, trying to find ways to reduce time, effort, andexpense
4
Q
Assembly Line
A
- arrangement of equipment and workers inwhich work passes from operation to operation in directline until the product is assembled
- Reduced the making of a car from 12 hours to 90 minutes
- Created by Henry Ford
- Perfected by Scientific Management
5
Q
Consumer Revolution
A
-flood of new, affordable goods in thedecades after World War I
6
Q
Installment Buying
A
- method of purchase in which buyermakes a small down payment
- Later payoff the restof the debt in regular monthly payments
7
Q
Bull Market
A
- period of rising stock prices
- Value of your stock is at an all time high
- People used stocks to become rich
8
Q
Buying on Margin
A
-system of buying stocks in which abuyer pays a small percentage of the purchase pricewhile the broker advances the rest
9
Q
Andrew Mellon
A
- Harding’s Secretary of Treasury
- Wanted economic policy that supports business interests
- Favored low taxes on corporations and individuals
- Decreased war budget from 18 billion to 3 billion
- Led to the government having more money than it needed to run
10
Q
Herbert Hoover
A
- Harding’s Secretary of Commerce
- Worked with business and labor leaders to achieve voluntary advancements
- Got people to work together instead of against
11
Q
Charlie Forbes
A
- Veteran Administration leader
- Make deals w/ businesses that effected Veterans & Tax payers
- Ex: bought 70,000 dollars worth of floor cleaner (100 years worth) at 24 times the fair price
12
Q
Harry Daugherty
A
- Attorney General during Harding Administration
- Charge people w/ serious crimes
- Doherty would drop charges if payed
13
Q
Teapot Dome Scandal
A
- scandal during the Harding administrationin which the Secretary of the Interior leasedgovernment oil reserves to private oilmen in return forbribes
- Fall sold the navy oil to private contractors (went to jail)
14
Q
Calvin Coolige
A
- Became president due to President Harding’s death
- Believed that creation of wealth benefitted the nation as a whole
- “Silent Cal”
- Left office in 1928
- Favored no government intervention
15
Q
Washington Naval Disarmament Conference
A
- meetingheld in 1921 and 1922 where world leaders agreed to limitconstruction of warships
- Limit the possibility of war