usa boom and bust t1 Flashcards
Give three push factors that encouraged people to move to America.
- Economic hardship
- Political instability
- Religious persecution
Push factors are conditions that drive people to leave their home country.
Give three pull factors that encouraged people to move to America.
- Economic opportunity
- Political freedom
- Religious tolerance
Pull factors are conditions that attract people to a new country.
Give two specific examples to prove that the USA was not a melting pot.
- Segregation laws
- Ethnic enclaves
The concept of a melting pot suggests integration, which was often contradicted by societal divisions.
Give one positive effect of WW1 on the US economy.
Increased industrial production
The war effort led to a demand for goods, boosting the economy.
Give one negative effect of WW1 on the US economy.
Post-war recession
The economy faced challenges as wartime production decreased after the war.
Give a specific example of how the US government limited social liberties of American people.
Espionage Act of 1917
This act restricted free speech and allowed for the prosecution of dissenters.
Give a specific example of how the federal government gained more power as a result of WW1.
Creation of the War Industries Board
This board coordinated industrial production for the war effort.
What is hire purchase?
A system of buying goods through installments
This allowed consumers to pay for items over time rather than upfront.
What caused the economic boom in the 1920s?
- Mass production
- Consumerism
- Technological advancements
These factors contributed to increased economic activity and prosperity.
What does laissez-faire mean?
A policy of minimal government intervention in the economy
This approach promotes free-market capitalism.
What are tariffs?
Taxes imposed on imported goods
Tariffs are used to protect domestic industries from foreign competition.
What is an assembly line?
A manufacturing process where products are made in a sequential manner
This method increases efficiency and production speed.
Give two areas which did not benefit from the economic boom.
- Agriculture
- Mining
These sectors faced challenges despite overall economic growth.
Give two reasons agriculture faced challenges in the 1920s.
- Overproduction
- Falling prices
These factors led to economic difficulties for farmers.
What was the Bull Market?
A period of rising stock prices
This market condition encourages buying and increases investor confidence.
What is speculation?
Investing in stocks with the hope of making a profit from price changes
Speculation can lead to market volatility and risk.
Give two weaknesses of the banking system.
- Lack of regulation
- Inadequate reserves
These weaknesses contributed to the financial instability leading up to the Great Depression.
When was Black Tuesday?
October 29, 1929
This day marked the stock market crash that initiated the Great Depression.
Give 3 examples of positive changes for people in 1920s American society.
- Increased consumer goods availability
- Rise of leisure activities
- Greater access to education
These changes contributed to a more modern American lifestyle.
Give 2 examples of how the role of women changed in the 1920s.
- Gained the right to vote
- Increased participation in the workforce
These changes marked significant progress in women’s rights.
What was the Red Scare?
A period of intense fear of communism in the US
This fear led to widespread paranoia and government crackdowns on suspected radicals.
How many members did the KKK have at their peak?
Approximately 4-5 million
This membership reflected the organization’s significant influence during the 1920s.
What Act banned the production, sale and transport of alcohol?
Volstead Act
This act was part of the Prohibition era in the United States.
What was the Harlem Renaissance?
A cultural movement celebrating African American art, music, and literature
This movement highlighted the contributions of Black artists and intellectuals.
Give two examples of Jazz musicians popular in the 1920s.
- Louis Armstrong
- Duke Ellington
These musicians were influential figures in the Jazz Age.
What percentage of the US population lived below the poverty line in 1928?
42%
This statistic indicates a significant level of poverty despite the overall economic boom.
How many people earned a living through farming in the 1920s?
30 million
This figure highlights the importance of agriculture in the American economy during this period.
What technological advancements affected farming in the 1920s?
Combine harvesters
These machines made American farming the most efficient in the world.
Why did grain prices collapse after World War I?
Increased competition and surplus production
European farmers could meet their own needs, and Canadian farmers flooded the market.
What were some reasons for the decline in grain prices from $2.5 to $1 per bushel?
- Prohibition reduced demand for grain
- Higher living standards led to less cereal consumption
- Technological advances increased crop production
- Greater use of tractors decreased demand for animal food
What happened to the number of farms between 1920 and 1930?
Declined for the first time in American history
This decline was a significant event for the agricultural sector.
What percentage of black farm workers lost their jobs in the 1920s?
75%
This loss contributed to a significant migration to northern cities.