Paper 2 Opportunity and Inequality Flashcards

1
Q

What was the effect of WW1 on ecconomy in 1920s

A

improved technology and government policy helped economic boom

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2
Q

what was the effect of the boom on society

A

for some wages and confidence increased but not all benefited

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3
Q

During WW1 some companies became rich why

A

they exported food and weapons to Europe

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4
Q

what happened after WW1 and why

A

a depression because business contracts returned to peace time production

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5
Q

what happened to the economy by 1923 and why

A

it boomed again because of republican president policies

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6
Q

what does laissez faire mean

A

leave something alone

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7
Q

what was republican policy in 1920s (3)

A

1 laissez fair approach to economy- leave business alone to make as much money as possible
2 introduce tarrifs on imports encouraging people to buy American and boost industry
3 wages stay high taxs low so workers had more money to spend on American products increasing sales and boosting profits

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8
Q

In 20s economy grew because of increased sales of consumer goods what 4 factors drove this

A

1 mass production - goods made on large scale in purpose built factories using machines not skilled workers - made cheaper
2 tariffs made overseas versions of products more expensive so they bought American
3 Advertising - new techniques encouraged people to spend
4 credit- pay loans in instalments and didn’t have to have money at the time of purchase

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9
Q

what did some do so that they could buy shares and why

A

they invested in the stock exchange and took loans out to buy shares hoping they would increase in value and they could sell them for a profit

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10
Q

Give a case study of a company n the 20s that contributed to the boom

A

Ford Car company
1913 Fords first production line, each worker did 2 jobs on the line - form of mass production
1927 one car made every 10 secs
cost fell so most could afford one
by late 20s car industry in US were the biggest employer thousands in factories and associated industries

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11
Q

who didn’t share in the wealth (3)

A

farmers struggled as demand for food fell
workers in old industries lost their jobs as technology replaced them
African Americans and immigrant groups were most likely to be unemployed

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12
Q

Identify 7 features of economic boom

A

government
confidence
old industries
ford
mass production
hire purchase
advertising

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