The Economy Flashcards
How did the number of millionaires change in the 1920s compared to the 1800s?
The number of millionaires increased 100 times compared to the 1800s.
What was a common investment among ordinary people in the 1920s?
Many common men were investing in the stock market.
What caused stocks to soar in value during the 1920s?
Stocks soared due to new inventions and most Americans having electricity, leading to the creation of products like washing machines, toasters, fans, radios, alarm clocks, refrigerators, vacuums, and phones.
What percentage of goods were bought on credit in the 1920s?
75% of all goods were bought on credit with the “buy now, pay later” approach.
How much did Ford’s Model T cost, and what was unique about it?
Ford’s Model T sold for $290, and everyone could afford a car as long as it was black.
How did GM and Chrysler compete with Ford?
GM and Chrysler offered multicolor cars and fancy options to compete with Ford.
How much did the US government spend annually on infrastructure in the 1920s?
The US government spent $1 billion a year building highways, paved roads, bridges, and tunnels connecting US cities.
How did the car industry affect other businesses?
The car industry made other businesses rich, including those in oil, steel, wood, gas stations, car dealerships, rubber, and glass.
What were some negatives associated with the rise of cars?
Negatives included smog, 2 million deaths in car crashes since 1920, and gangsters being able to escape easier.
What were some positives associated with the rise of cars?
Positives included faster trade with trucks, faster farming with tractors, and the ability to unite school districts with buses, leading to more students attending school.
