The economic Boom of the 1920s

What industry was the first to introduce assembly lines? ( led to mass production)

Car industry- Mr Henry Ford and his Model T Ford for the ordinary man and his famiily

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What is the cycle of Prosperity?

-->Increased demand of goods-->Increased production-->Increased Employment--.>More money available to buy goods-->

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What was the main contributor that encouraged people to buy more goods?

Advertisment.

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What did the 'Laissez- Faire' approach mean for the USA? (Cause of the Boom)

'Leave Things alone' - did not place controls on industry or on financial institutions.

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What was hire purchase?

Could buy consumer goods with installments over a long period of time.

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What was Protectionism?

The American government would place tariffs on foreign goods coming into the USA, making a foreign good more expensive than the same American product

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What effect did the thouands of ordinary people buying stocks and shares have on the USA during the 1920s?

The American Stock exchanged sustained a bull market.

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Why, after the First World War did many Americans begin to demand higher tariffs?

Isolationist attitudes(USA did not need rest of world), Business Boomed, Wages were high, American farmers wanted to keep foreign grain out so an increase in the American Farming industry would occur.

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What 'act' established the highest tariffs in history?

The Fordney-Mc-Cumber act

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The end of the 1920's saw...

the economy beginning to struggle, eventually leading to the Great Depression in 1930.

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Get Revising

The economic Boom of the 1920s

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