Key Features of 1920s prosperity Flashcards

1
Q

Unemployment figures at the time

A

Never rose above 3.7%

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2
Q

Wages of industrial workers

A

Paid more - rose by 14% between 1914 and 1929

Average, wages were 2 or 3 times higher than in Europe

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3
Q

What happened to the production of industrial goods?

A

Rose by 50% between 1922 and 1929

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4
Q

What was the consumer boom?

A

The buying of consumer goods by the ordinary population hugely increased.
Between 1912 and 1929 - number of electrical goods sold per year went from 1.4 million to 160 million

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5
Q

2 developments that enabled mass producion

A

Wider scale introduction of electricity

The assembly line factory method

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6
Q

What products began to be mass produced for the first time?

A

Clothing sizes were standardised

Automobiles - Henry Ford
By 1925, Ford produced 1 car every 10 seconds.

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7
Q

Number of automobiles on the road in 1920 and 1929

A

1920 - 7.5 million

1929 - 27 million, approx 1 for every 5 people

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8
Q

How did more efficient working methods affect working hours?

A

Workers workedon averge 44 hours a week by 1929 rather than 47 in 1920

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9
Q

By 1924, what % of the motor vehicle market did Ford control?

A

50%

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10
Q

What other industries did the boom in motor vehicle production and ownership also impact?

A

Road building, petrol, rubber, plate glass.
Services such as garages, motels, petrol stations, and car salesrooms.
The transportation of goods became easier.

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11
Q

How did management science help improve industry?

A

By applying technological and scientific ideas to running a business successfully - time and energy was monitored and enabled to operate more efficiently.

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12
Q

What impact did technological advances have on leisure?

A
More motor vehicles meant more travel to National parks and short holidays.
Tourism developed as an industry.
The radio was a leisure item
People had more free time.
More theatres and cinemas were built.
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13
Q

How did advertising change?

A

Some companies employed psychologists to help them reach a target market.
Campaigns began to use slogans, brand names, celeb endorsements, and consumer aspirations.
Consumer began to believe that they couldn’t survive without a product.
The amount spent on advertising increased 5x from 1914.

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14
Q

How did credit work?

A

Consumers would pay a deposit, and then the rest in regular installments (hire purchase)

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15
Q

Wha was this so unstable?

A

Many consumers and businesses ended up with debts that they couldn’t afford to pay back

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16
Q

What % of cars were bought on credit?

A

75%