The Economic Boom Flashcards
Who became President after Woodrow Wilson in 1920?
Warren Harding
Which political party dominated the 1920s?
Republican
Which term refers to the hands-off approach the Republicans took to the economy?
Laissez Faire (Rugged individualism was also encouraged)
What type of production allowed items to be made on a large scale making them cheaper
to buy?
Mass Production
What made overseas goods more expensive to make more people buy American goods? These were made under a policy of protectionism.
Tariffs
What did businessman Henry Ford create using assembly lines?
Model T’s
The car industry used up what percentage of America’s steel and glass?
20% it also used 75% of the USA’s glass
How many cars were bought with hire purchase?
6 out of 10 cars in the 1920s were bought on Hire Purchase
How many farmers lost their farms in 1924?
600,000
By 1927 Henry Ford’s company was making one car every
10 seconds
What was the name of the cycle where mass production led to more goods being made
making them cheaper to buy meaning more workers are needed meaning more people can afford to buy goods?
Cycle of Prosperity
The richest 5% earned what percent of all the money?
33%
Name 3 groups which did not benefit from the boom
African Americans, Farmers, Older industries (coal)
What US decision in the Treaty of Versailles lead to the economic boom?
Isolationism
What percent of homes had electricity in 1916?
What percent homes had electricty in 1927?
15%
70%
