US1 Economic Boom 1920’s Flashcards

1
Q

Why was WW1 a reason America had an economic boom?

A
  • America stayed out of war and benefited financially
  • banks would loan money to Britain and its allies for food, weapons and equipment this created many jobs for Americans
  • American didn’t have wartime debts
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2
Q

Why was the republican government a reason for an economic boom?

A
  • the fordney mccumber tariff put high taxes on imports as a result Americans bought more us made goods
  • Cut taxes on Rich as a result they invested more into businesses creating more jobs
  • low taxes in general
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3
Q

Why was consumer society a reason for the economic boom?

A
  • number of US homes with electricity grew from 15% 1916 to 70% in 1927
  • this meant more people could buy electric powered gadgets this meant more jobs were created to make them
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4
Q

Why was growing industries and mass production a reason for an economic boom?

A
  • Growth of the motor industry boosted the US economy they used a variety of material more jobs were created in these industries as more cars were made
  • Many businesses used the mass production developed in motor industry
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5
Q

Why was advertising a reason for an economic boom?

A
  • Colourful billboards magazines urged people to buy more
  • Catalogs made buying items more easy
  • But now pay later schemes meant people could pay in small instalments
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6
Q

What was the difference in number of sales of consumer goods in 1919 and 1929?

A

Cars
1919: 9million
1929: 26million
Radios
1919: 60,000
1929: 10million
Telephones
1919: 10million
1929: 20million

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7
Q

What did Henry ford introduce in 1913?

A

The assembly line which used an electric conveyor belt that carried the partly assembled car past workers who did one or two small jobs

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8
Q

By 1926 how many cars were on americas roads?

A

Nearly 20 million and 1in 2 was a ford

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9
Q

What was the most popular way of making money?

A

Playing the stock market - buying and selling shares on companies

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10
Q

How many people owned shares in 1920 and 1929?

A

In 1920 4million people owned shares
In 1929 5x as many owned shares

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