Economic Developmments: Cars in the 1920s Economic Boom and the Stock Market Flashcards
What year did Henry Ford introduce the assembly line?
1913
What was the assembly line?
It was a way to have workers on a line be designated to only putting on one part of a car each
How frequently did a new Ford Model T get finished in 1920?
Once every 2 hours
What was the main car Ford produced in the 1920s?
Ford Model T
What was the nickname for the Ford Model T?
Tin Lizzie
Why was the Ford Model T called the Tin Lizzie?
It was durable
Why did the Ford Model T need to be durable in 1920?
Only 2% of roads were driveable in 1920
What did Henry Ford do with the working days for his employees?
He gave them 8 hour working days
How many days a week did Ford make his workers work a week?
5 days a week
What was significant about Henry Ford doing these worker changes in relation to the laissez-faire government?
He had not been told to do this by the government
What did Ford make sure with the wages of his workers?
That it would be enough to buy a Ford Model T
How much did a Ford Model T cost in the 1920s?
$300
Which city did Ford create into a booming city?
Detroit
How often was one car finished out of all Ford’s factories by 1920?
Once every 10 seconds
What did Ford announce for his workers in 1914 in terms of payments?
He would pay his workers $5 a day
Name 2 other industries that expanded due to the car industry
Leather and rubber industry
How much of all petrol in the USA was consumed by the car industry in 1928?
90% of petrol
How much of all rubber in the USA was consumed by the car industry in 1928?
80% of rubber
Name the 2 main car manufacturers in the 1920s
Ford, Chrysler
When was the Federal Highway Act of the 1920s passed?
1921
How many miles of roads were created a year under the 1921 Federal Highway Act?
10,000 miles of roads a year
What was a limitation with the 1921 Federal Highway Act?
A report in 1936 showed 50% of the roads built in the 1920s were wearing out
What was causing the relatively new roads built by the government to wear out so quickly?
Traffic
What issue emerged for pedestrians with cars?
They could be killed from being hit by cars
How many people a year died from car accidents in 1920?
12,000
How many people died from car accidents in 1930?
30,000
How much did the average amount of shares traded in the stock market go up annually in the 1920s?
Went up around 100 million a year
How many shares were sold in 1929?
1.1 billion
What fraction of all American citizens became involved in the stock market in the 1920s?
1/5 of all Americans
