Industrial Boom Flashcards
What new tax was introduced in 1922 and what did it do?
Fordney-McCumber Tariff
Foreign goods taxed so people bought American made goods and promoted the economy
What name is given for the making of lots of goods?
Mass production
What was the assembly line?
Product built by moving along a conveyer belt with each person repeatedly doing the same job (Henry Ford started this with cars in Detroit)
How did the assembly line help with the industrial boom?
Made quicker and cheaper so easier to sell
Other than cars name 5 other industries that boomed during 1920s.
Telephones, radios, canned fruit and veg, electric lights/power companies, construction (Skyscrapers), vacuums, fridges, washing machines, cookers etc
Name 4 methods of advertising in 1920s USA.
Billboards, newspapers, magazines and radios
What was hire purchase and how did this encourage production?
Pay a deposit and pay rest off in instalments which created a bigger demand for goods
What was laissez faire?
Republican policy of letting business get on and no interference
What is rugged individualism?
Republican policy of the individual is responsible for themselves and the state doesn’t do much to help
By the 1920s how long would it take to produce a car on the assembly line?
93 minutes
By the 1920s approximately how many jobs were in the motor industry?
4 million
How many cars were produced by 1929?
26 million
How many radios were sold by 1929?
10 million
Why did buying shares in a company help industrial growth?
- Provided companies with more money to invest and expand
- people selling shares made a profit if shares prices had increased
What was the name of the famous standardised car made by Ford Motors in the 1920s?
Model T
