key terms for 1920s

Question 1

“post war boom”

Answer 1

the phrase given to a positive change in part of the USAs economy after WW1

Question 2

mass production

Answer 2

• consumer goods produced in larger quantities, quicker and more efficently, leading to reduction in prices
• the assembly line method, in which easy factory worker is responsible for a small and specific role in the prodiction process , helped streamline mass production

Question 3

technological advances

Answer 3

• factories became automated.
• machines and other imroved manufacturing techniques meant that huge amounts of goods could be made in a fraction of the cost.
• 1920s economic output increased by 50%
• impacted consumer goods that were produces, like cars and fridges

Question 4

management science

Answer 4

• apllying technological and scientific ideas to running a business successfully
• moitoring time and energy efficiency.

Question 5

the automobile

Answer 5

• seen to be central to the economic boom of the 1920s
• using the assembly line method to streamline and support mass production
• fords model t helped transform mass production and working conditions
• by 1926, ford was producing a car every 10 seconds

Question 6

consumer boom

Answer 6

• the amount of buying of consumers goods by the ordinary populatuion hugely increased
• consumer good incude; material possessions such as home appliances, cars and clothes.

Question 7

hire purchase

Answer 7

• consumers could buy goods by paying a percentage of the items cost upfront and then paying the balance plus a small intrest charge in wekkly/monthly instalments .

Question 8

tariffs

Answer 8

• taxed places of imported goods from other countries, and goods thatwere exported.
• usa increase tariffs on imports so that it would be more expensive for americans to buy.

Question 9

laissez- faire

Answer 9

• where the government avoids getting involved in economic planning, allowing free trade to operate.
• taxes are kept low, allowing businesses to invest more money and giving consumers more money to keep spending.

Question 10

gross domestic product - GDP

Answer 10

• the total value of goods producesd and services provided in a country annually.