USA Part 1: The Economy in the 1920s
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USA Part 1: The Economy in the 1920s - Leaderboard
USA Part 1: The Economy in the 1920s - Details
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| 🇬🇧 | 🇬🇧 |
| An economic boom is a period of time of | Growth and prosperity. Often goods will become more valuable |
| As a result of WW1, the USA went from being | A debtor nation to a creditor nation. |
| In 1921 the credit extended by the federal reserve was $45.3 billion | In 1929 this had increased to $73 billion. |
| Between 1921 and 1929 average wages rose from $1,308 | To $1,716 a year |
| In 1920 there were 312 department stores, by 1929 | There were 1,395. |
| Speculators would often buy shares “on the margin” This meant | Borrowing money to buy shares and selling them at a profit. |
| Free market individualism means | Hard work, and the importance of family in meeting the daily needs of life |
| Laissez-Faire means | A policy of minimum governmental interference in the economic affairs of individuals and society. |
| Tariffs | Are an additional tax placed on goods made outside of the country |
| The Fordney McCumber Act 1922 | Protected American factories and farms from foreign competition. |
| In 1913 Henry Ford developed | The assembly line |
| The population of the USA grew from 31 million people in 1860 to | 105 million by 1920 |
| From 1898 to 1902, a wave of mergers consolidated 2,653 independent firms into | 269 large-scale corporations, called "trusts" |
| G.N.P. stands for | Gross National Product, which is the term for the total value of goods and services produced by a nation. |
| The first moving assembly line was created by | Henry Ford in 1913 |
| By 1929 | 1 out of every 9 jobs was in an auto-related [vehicle] business. |
| New Consumer Goods: | Vacuum cleaners, refrigerators, toasters, coffee makers, stoves, radios |
| Electrification: | The process of powering by electricity [homes/factory's] |
| Installment plans: | A person pays a small down payment, takes home the item and pays off a little each month. |
| Speculation Boom: | People borrowed money to buy shares in companies listed on the stock market |
| 'buying on the margin' | Borrowing money in order to purchase shares in the hope that an increase in value results in a quick and easy profit. |
| The growth of the automobile allowed for the | Growth of suburban communities. |