The 1920s' economic boom (T1) Flashcards
What did the average unemployment level never rise above?
Average unemployment never rose above 3.7% between 1922-1929.
What did inflation never rise above?
Never rose above 1%
How many hours were employees working a week?
An average of 44 hours per week compared to 47 in 1920.
How much were employees paid?
Real wages of industrial workers rose by 14% between 1914-1929, and on average they were two or three times higher than those in Europe.
How was there huge economic growth?
Production of industrial goods rose by 50% between 1922-1929.
How much did GNP rise by?
Stood at $73 billion in 1920 and $104 billion in 1929.
How did electricity consumption grow?
Consumption of electricity doubled, and in 1929 alone $852 million worth of radios were sold.
How was manufacturing changed?
More industries adopted new manufacturing techniques such as mass production.
What was the development of management science?
Sought to deploy strategies to ensure goods were produced as efficiently as possible.
How did advertising change in the 1920s?
Grew more and more sophisticated to ensure there was a continuing demand for products.
How was advertising made more possible?
Made possible in part by the introduction of new mass media such as radio and cinema.
What were the new labour saving devices that came about?
Vacuum cleaners and washing machines were introduced and became more affordable.
Who did not share the same prosperity?
Agriculture faced difficulties in part because of falling prices and overproduction.
Which groups faced a lack of prosperity?
Women and Black Americans, were largely excluded from the growing economic opportunities.
