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History - USA > Notes (T1) > Flashcards

Notes (T1) Flashcards

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1
Q

Inflation

A

The increase in prices of products

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2
Q

Is inflation normal for an economy?

A

Yes

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3
Q

Trade

A

The buying and selling of goods between countries

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4
Q

Tariffs

A

A tax placed on on products being traded

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5
Q

What is the role of tariffs?

A

To stop cheap imports flooding the country

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6
Q

Interest rate

A

A % placed on some money

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7
Q

Give an example of when interest rates are used

A

When you loan money, an interest rate is placed on that

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8
Q

What is GDP?

A

Gross Domestic Product

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9
Q

What does Domestic mean?

A

Within the country

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10
Q

What does National mean?

A

Worldwide

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11
Q

What sort of attitude did the government have during the boom?

A

Laissez-faire

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12
Q

Unemployment never rose above ___?___% in the years 1922-29

A

3.7%

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13
Q

During the boom, unemployment never rose above what?

A

1%

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14
Q

How many hours did workers do on average in 1929?

A

44

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15
Q

How many hours did workers do on average in 1920?

A

47

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16
Q

How did the decrease in the average amount of hours for workers affect them?

A

They had more leisure time - meaning they spent more money, fuelling the boom

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17
Q

How much did the real wages of workers rise by between 1914-1929?

A

14%

18
Q

How much did the production of goods rise by during the boom?

A

50%

19
Q

In 1929 how much was spent on radios?

A

$852 million

20
Q

Boom

A

Economy is thriving - high employment and lots of money

21
Q

Bust

A

Economy fails - High levels of unemployment and little money

22
Q

Recovery

A

Recovering from an economic crash/bust

23
Q

Who didn’t experience prosperity?

A

Black, Hispanic and Native Americans

24
Q

What were the reasons for the 1920s boom (8)?

A
  • Laissez-faire gov.
  • WW1 made them rich
  • Consumer boom
  • Advantageous foreign market
  • The automobile
  • Hire purchase
  • Advertising + marketing
  • Technological advances
25
Q

Who were the presidents during the boom?

A
  • Hoover
  • Coolidge
  • Harding
26
Q

Why were the presidents during the boom successful?

A

Their conservative views

27
Q

What did Andrew Mellon do?

A

Cut the tax on the rich from 50% to 20%

28
Q

In what years did Andrew Mellon cut taxes for the rich?

A
  • 1924
  • 1926
  • 1928
29
Q

The lack of regulation for businesses allowed what?

A

Child labour

30
Q

Give an example of the poor treatment of workers due to the lack of regulation?

A

Some places:

  • 56 hours a week
  • On 18 cents an hour
31
Q

Did anyone ever fight back against the poor working hours during this time?

A

They would take them to court, however big businesses usually won

32
Q

Who allowed the poor conditions for workers?

A

The Federal Trade Coorperation

33
Q

What would happen within businesses to make customers pay more?

A

Price fixing

34
Q

Give an example of a huge corporation in this time

A

J.P. Morgan

  • 67% of steel production
  • First $billion company
35
Q

The growth of huge corporations allowed what?

A

Cartels and holding companies

36
Q

How many companies did Insull own - what problems did this cause?

A

111 companies

He couldn’t keep track

37
Q

When was the Fordney McCumber tariff?

A

1922

38
Q

What was the Fordney Mccumber tariff?

A
  • Protecting American trade/product

- Raised import tariffs to 50%

39
Q

Where did Firestone Rubber company use rubber from?

A

Liberia

40
Q

What did cheaper parts such as rubber in foreign countries lead to?

A

Many companies moved to poorer countries

41
Q

What was a positive of companies moving to poorer countries?

A

Some companies supported local areas

History - USA (37 decks)

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