Economic Boom Flashcards
When was the Fordney-McCumber tariff introduced
1922
Who begun to use the assembly line
Henry Ford in 1914 (cars)
What did the assembly line mean for companies
It would be quicker and cheaper to produce goods
How quickly could a car be produced using an assembly line
93 mins
What did people tend to buy during the boom?
Washing machines, cars, vacuum cleaners
What did the demand for goods mean
More people were hired
What new advertisement was introduced
Billboards, mail-order catalogs, newspapers, radios
what does hire-purchase and credit mean
People could borrow money from the banks easily and they could also buy HP
What does to buy hp mean
To pay a deposit, take the item home, pay it off in instalments
How much did share prices rise during the 1920’s
An average of 300%
What was the “Fordney-McCumber Tariff”
- Taxes on goods from other countries so it would be cheaper to buy American products
- low taxes so people and businesses had more to spend
- rugged individualism which meant people would have to look after themselves
