(Economic prosperity) Features Flashcards
Tech advances/the automobile - one of the features of changes in industry & business techniques was the automobile.
Give evidence of this.
Car ownership = 7.5 million in 1920 - 27 million in 1929.
What were features of technological advances?
5
Mass Production The Assembly Line Management science Advertising The automobile.
Tech advances - what had an impact on leisure?
Technological advances & time saving devices.
Economic boom - how was the availability of products more accessible?
Hire Purchase.
Economic boom - give evidence of the availability of products being made more accessible through hire purchase.
1912 - 1929, no of electrical goods sold per year went from 1.4 million - 160 million.
Economic boom - what did unemployment look like?
Give evidence
Low
Never above 3.7%
Tech advances/mass production - what did the production of industrial goods like like?
Give evidence
Booming
Rose by 50% 1922 - 1929
Tech advances/the automobile - how did the Model T automobile help the economic boom? (4)
Assembly line streamlined mass production.
1926, Ford producing cars every 10 seconds.
1929, car industry employed 7% of all industrial workers.
Car ownership = freedom for families.
Economic boom - how much did the real wages of industrial workers rise by 1914 - 29?
14%
Economic boom - how much did production of industrial goods rise by between 1922 - 29?
50%
Economic boom - compared to Europe, how many times higher was industrial workers wages?
2 or 3 times higher.
Economic boom - production of ________ rose by _____ between ____ and _____.
a) Industrial goods.
b) 50%
c) 1922
d) 1929
Economic boom - what was the highest level of unemployment between 1922 - 29?
3.7%
Economic boom - 14% was the amount of ______ that the _______ of Industrial workers rose by between ____ and ____.
a) Real wages
b) Salaries
c) 1914
d) 1929
Economic boom - compare Gross National Product (GNP) in 1920 and 1929.
1920: $73 billion
1929: $104 billion
Economic boom - 3.7% was the highest level of _______ between ____ and ____.
a) Unemployment
b) 1922
c) 1929
Economic boom - _______ wages were ____ or _____ times higher compared to those in _______.
a) Industrial workers
b) Two
c) Three
d) Europe
Economic boom - what year was America’s GNP at $73 million?
What year was it at $104 million?
1920
1929
What were the GENERAL reasons for 1920s prosperity? (3)
- Technological advancements
- Economic boom
- New business methods
Name two reasons for consumer boom.
- Hire purchase
2. Mass production lowered prices
New business methods - how were businesses changed by the growth of management science?
Became more complex so those with one manager were old fashioned.
Therefore, more specific management was created eg marketing etc.
New business methods - what was management science?
Planning how to use people effectively.
New business methods - how did advertising change in the 20s?
Give a specific statistic.
Some companies employed psychologists to target specific audiences.
Money spent on advertising increased by 5x from 1914.
Economic boom - how did the number of electrical goods sold per year change?
1912, 1.4 million - 1929, 160 million
What were the 8 SPECIFIC reasons for prosperity?
USA richest after WW1 Automobile Hire purchase Republican govt Tech advances Advertising Advantageous foreign market Consumer boom
How did the population of America change?
What does this suggest?
106.5 million to 123 million
People felt stability within their lives
Tech advances & economic boom - in _____ radio sales were at _____. In _____ radio sales were at _____.
a) 1922
b) $60,000,000
c) 1929
d) $842,000,000
Tech advances & economic boom - what industry faired very well during prosperity?
Radio
Tech advances & economic boom - there was ______ cars in service in _____ and in _____ there was no less than ______.
a) 6.7 million
b) 1919
c) 1929
d) 23 million
