US1 Henry Ford And The Motor Industry Flashcards

1
Q

When and where was the first Ford factory built?

A

1903
Detroit, Michigan

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2
Q

When did Ford introduce a new method of production and what was it?

A

1913
The assembly line

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3
Q

How did Ford’s assembly line work and how did it help production?

A

Used an electric conveyor belt to pass the car past workers who did a few small jobs repeatedly.
Meant cars could be made quicker and cheaper

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4
Q

How did the assembly line production affect the price of the Model T car?

A

Made it cheaper as production got quicker

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5
Q

How many people bought Model Ts between 1911 and 1929 and how did the price change over that period?

A

15 million people
$800 in 1911
$295 in 1929

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6
Q

How did the motor industry impact other jobs and industries?

A

For every worker in a factory, there were ten more making the parts the cars needed

Jobs building roads, highways and in oil refineries, petrol stations, roadside hotels (motels), garages and restaurants

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7
Q

Name a positive and negative social change from the rise of the motor industry?

A

Positive - car owners had a new sense of freedom. No longer needed to live near work - coils but a house out of town and drive to work.

Negative - traffic jams, accidents and pollution

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8
Q

What was the stock market boom?

A

When millions of people - ordinary people as well as the rich - bought shares on the stock market and made money by selling them on

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9
Q

What does ‘buying on the margin’ mean?

A

Borrowing money from a bank to buy shares. They pay the loan back with the profit from selling the shares.

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