The Economic Boom Flashcards
What is an economic boom?
An economic boom is a period of rapid economic growth and prosperity within a country.
When did the USA experience a significant economic boom?
The USA experienced a significant economic boom following the First World War.
What key factors contributed to the economic growth in the 1920s USA?
Key factors included the emergence of new industries and technologies, such as cars, radios, and consumer appliances.
What was the impact of rising wages and increased access to credit on consumer spending in the 1920s?
Workers had more disposable income, allowing more US citizens to purchase goods and services, leading to further economic expansion.
How did the Republican government’s policies contribute to the economic boom?
The Republican government cut taxes and allowed businesses to operate without government intervention, promoting business investment and entrepreneurship.
What were the effects of the economic boom of the 1920s on the USA?
It led to a rising standard of living, increased urbanization, and the emergence of a modern consumer culture.
What was the public sentiment in the USA regarding joining the First World War?
Many US citizens did not want the USA to join the First World War.
When did the USA enter the First World War?
The USA entered the war in 1917.
How did the USA’s experience in the First World War differ from European countries?
The USA did not suffer as much as European countries; no fighting occurred on US soil, and it suffered fewer casualties.
What was Woodrow Wilson’s vision after the First World War?
Wilson wanted to achieve lasting, global peace and played an important role in the Versailles Settlement.
What was the public’s attitude towards the Treaty of Versailles and the League of Nations?
The Senate voted twice on the Treaty of Versailles and US membership to the League of Nations, and Wilson failed both times to get ratification.
How did the First World War contribute to the US economy’s boom?
The USA recalled loans to Europe, increasing their wealth, and began selling goods to overseas markets for rebuilding.
What is mass production?
Mass production is a way of making lots of products quickly, often involving machinery and improved manufacturing processes.
Which industry was a key adopter of mass production in the 1920s?
The car industry was a key adopter of mass production.
Who developed the concept of the moving assembly line?
Henry Ford developed the concept of the moving assembly line with the Ford Model T car.
