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An economic boom is a period of time ofgrowth and prosperity. Often goods will become more valuable
One of the four main factors allowing for a 'boom' in the US economyCredit
As a result of WW1, the USA went from beinga debtor nation to a creditor nation.
In 1921 the credit extended by the federal reserve was $45.3 billionin 1929 this had increased to $73 billion.
Between 1921 and 1929 average wages rose from $1,308to $1,716 a year
In 1920 there were 312 department stores, by 1929there were 1,395.
Speculators would often buy shares “on the margin” This meantborrowing money to buy shares and selling them at a profit.
Free market individualism meanshard work, and the importance of family in meeting the daily needs of life
Laissez-Faire meansa policy of minimum governmental interference in the economic affairs of individuals and society.
Tariffsare an additional tax placed on goods made outside of the country
The Fordney McCumber Act 1922protected American factories and farms from foreign competition.
In 1913 Henry Ford developedthe assembly line
Henry Ford sold a cheap car to the American people calledthe model T
The population of the USA grew from 31 million people in 1860 to105 million by 1920
From 1898 to 1902, a wave of mergers consolidated 2,653 independent firms into269 large-scale corporations, called "trusts"
G.N.P. stands forGross 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 byHenry Ford in 1913
By 19291 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]
Before the 1920s Americans were happy buying products on credit.false
Buying on credit increased in popularity during the1920s
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 thegrowth of suburban communities.