Reasons for 1920's prosperity (usa) Flashcards
What were unemployment figures like in the USA at this time?
Unemployment never rose above 3.7%
What happened to the wages of industrial workers?
wages of industrial workers rose by 14%,wages were two or three times higher than in Europe.
What happened to the production of industrial goods?
Production of industrial goods rose by 50%
What was the consumer boom during the 1920s?
The amount of buying of consumer goods by the ordinary population hugely increased. the number of electrical goods sold per year went from 1.4 million to 160 million.
What two developments in the early 20th century enabled mass production?
The wider scale introduction of electricity
The assembly line factory method
What products began to be mass produced for the first time?
Clothing and automobiles
What happened to the number of automobiles on the road in 1920 to 1929.
They rose from 7.5million to 27million (roughly 1 in 5 people had a car)
How did more efficient working methods affect working hours?
Workers worked on average 44 hours per week by 1929 rather than 47 in 1920
By 1924, what % of the motor vehicle market did Ford control?
50%
What other industries did the boom in motor vehicle production and ownership also impact?
Things related to car making and up keeping:
Road building, Petrol, Rubber, Plate glass,
Services such as garages, motels, petrol stations and car salesrooms
How did management science help improve industry?
time and energy was monitored and enabled to operate more efficiently.
What impact did technological advances have on leisure?
More motor vehicles meant more travel to National Parks and short holidays
How did advertising change during the 1920s?
Campaigns began to include slogans, brand names, celebrity endorsements and consumer aspirations
Consumers began to believe that they could not survive without a product
The amount spent on advertising increased fives times from 1914
How did credit work?
Consumers would pay a deposit, and then the rest in regular installments (hire purchase)
Why was credit so unstable?
Many consumers and businesses ended up with debts that they could not afford to pay back
