Keywords for 1920s Flashcards
Post-War Boom
The phrase given to a positive change in part of the USA’s economy after WW1.
Mass Production
Consumer goods are produced in larger quantities, quicker and more efficiently which leads to reduction in prices.
the assemly line method: each factory worker is responsible for a small and specific role in the production process.
This helped streamline production.
Technological Advances
Factories became automated with improved manufacturing techniques meaning huge amouints of goods could be made at the fraction of the cost.
In the 1920’s, economic output increased by 50%.
it also impacted the consumer goods, such as cars and refigerators.
Management science
Applying technological and scientific ideas to running a business successfully.
Monitoring time and energy efficiency.
The Automobile
Was seen to be central to the economic boom of the 1920’s.
It was made with the assembly line method that made things run very smoothly.
Ford’s Model T helped transform mass production and working conditions.
By 1926, Ford was producing a car every 10 seconds.
Hire Purchase
Consumers could buy goods by paying a percantage upfront and then paying the balance plus a small interest charge.(weekly or monthly intalments).
Consumer Boom
The amount of buying of consumer goods by orginary population hugley increased.
Consumer goods include material possessions such as home appliances, cars and clothes.
Tariffs
Taxes placed on imported goods from other countries and, goods that are exported.
The USA increased tariffs on imports so that goods from other countries would be more expensive for Americans to buy.
Laissez-Faire
Government approach where they deliberatly avoid getting involved in economic planning, thus allowing free trade to operate.
Taxes are kept low, so businesses can invest more money and giving consumers more money to keep spending.
Gross Domestic Product (GPD)
Total values of goods produced and services provided in a country annually.
Gross National Production is the total value of goods and services produced in a country.
