5046745
Description
Flashcards by Izzy Noone, updated more than 1 year ago
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Created by Izzy Noone
over 8 years ago
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| Question | Answer |
| When did the USA become the richest country in the world? | In the 1920s |
| The American Government followed a "Laissez faire" policy. What does this mean? | 1. The government let big businesses have their own way 2. There were very few rules for businesses so they could make as much money as possible |
| Give two other ways that the government helped business make good profits | 1. American businesses paid very little tax 2. Very high taxes (tariffs) made foreign goods more expensive |
| How was America "naturally" rich? | Rich in raw materials such as wood and oil |
| Which man-made disaster made the USA even more prosperous? | WW1 |
| Name the car manufacturer who first used mass-production | (Henry) Ford |
| Give two features of mass-production | 1. A moving assembly line 2. Division of labour (one person, one job) |
| Before standardisation, one car was individual and took 12 hours to make. How long did it take to make the standard version? | 1 and a half hours |
| Which other industries benefited from the boom in the car industry? | Oil/petrol industry Glass Iron and steel Rubber and tyre industries |
| Lots more jobs were create from the boom in car ownership- name two | Working in diners and motels/ garages/ mechanics/ car dealerships/ road building/ travelling salesmen |
| Name two "new" consumer goods that were cheaper because of mass production | Radios, refrigerators, telephones, washing machines |
| What does "Hire purchase" mean? | A credit agreement where a small deposit is paid and the rest of the balance is paid off in installments over time |
| Give two examples of goods which saw a large increase in sales during the 1920s | Fridges, radios, cars, washing machines |
| How much did the average wage rise by in the 1920s? | 8% |
| What is a "Billboard"? | A large advert placed on buildings or by roads |
| What is a "share"? | A portion of a company that you can buy in order to get a piece of company profits |
| What is a dividend? | The share of a companies profits that you gain for investing in them |
| What is buying "on the margin"? | A credit agreement for buying shares, a small deposit is paid and the bank loans you the rest of the money to buy |
| In the 1920s, where was the New York stock exchange found? | On Wall Street |
| Why did agriculture not share in the "Boom" times of the 1920s? | Huge demand from WW2 had gone, too much was produced (surplus), mechanisation, prohibition (grapes and barley not in demand) |
| Name two old industries that did not benefit from the boom | Coal, shipbuilding, railways, natural textiles- eg. leather and cotton |
| Give two other underlying weaknesses/problems in the US economy | Many Black Americans were poor/ some immigrants were poor/ many workers and women poorly paid- didn't get a fair share of the profits/ Southern states poorer than North |
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