the boom and its impact Flashcards
what was hire purchase?
paying for things in installments
what was credit?
taking out a loan or paying for something later
how did credit and hire purchase impact people?
encouraged them to buy expensive goods that made standard of living better
where was adverting found?
everywhere
newspapers, magazines, radio, film
how did the rise of consumer society affect values of shares?
rise of consumer society made companies prosper, which made values of shares increases and encouraged people to buy stocks which caused stock market boom
what was speculation?
buying shares using credit, and then selling them when values went up
who began to use mass production in the motor industry?
henry ford
how did mass production affect peoples lives?
made cars cheaper, so millions of americans owned a car by end of 1920s
why did republicans adopt a laissez-faire approach and rugged individualism?
they wanted businesses to be successful, so they put few regulations
in 1922, the fordney mccumber tariff was introduced, what was this?
made it costly for foreign goods to be imported
made american goods cheaper then foreign goods because foreigners had to raise prices to cover cost of tariff
why did farmers suffer?
could not compete with new technology
because of high food demand in europe during ww1, many farmers expanded and began to overproduce which made prices fall
some farmers took out loans to expand their farm, however they could not pay it back
