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American Economy
SFA History - American Economy
| Question | Answer |
|---|---|
| List 3 financial benefits that the USA gained from the First World War | Farmers sold goods to Europe. USA became leading manufacturer of new materials like plastics USA lent money to fighting countries in Europe |
| What problems did soldiers face when they returned from WWI? | Unemployment |
| List 8 reasons for the BOOM! | Credit America's natural resoures Mass Production Policies of Republican Presidents First World War Advertising Confidence Electricity |
| How did advertising contribute to the boom? | Companies could advertise their new goods More people bought them Could advertise on radio and in cinemas Billboards became popular way to advertise |
| Who said "The business of America is business"? | Calvin Coolidge |
| What party did all the Presidents of the 1920s belong to? | Republican party |
| What 3 key words would you associate with Republican presidents? | Laissez-Faire Rugged Individualism Fordney McCumber tariffs |
| What is meant by "laissez-faire"? | Leave big businesses alone to expand and prosper |
| What were Fordney McCumber tarrifs? | Taxes on foreign goods. This made them more expensive so people would buy American goods. |
| What concept means that people should not expect help from the government, they can overcome difficulties through hard work? | Rugged Individualism |
| What was Bakelite? | One of the first plastics - a new invention in the 1920s. |
| How did the cinema contribute to the boom? | Films were mass produced in Hollywood People bought magazines to read about their favourite film stars They copied the fashions and make up of the stars |
| How did transport boom in the 1920s? | More cars (mass production) More roads being built Aircraft started taking passenger flights |
| What 4 key words would you associate with Henry Ford? | Model T mass production assembly line standardisation |
| Why was the motor car so popular? | Mass production meant Model T's were cheao to buy. Gave people freedom and independence. Meant people in the countryside could reach shops in the cities. |
| Why did some people dislike the Model T? | Thought gangsters used them for getaway cars Thought it encouraged young people to go out alone in them - 'prostitution on wheels'. |
| Why was Henry Ford so significant? | Invented Model T - gave people freedom and independence Pioneered mass production - other industries copied him People copied his business ideas Success of Model T helped contribute to the boom (more jobs in glass, rubber industries etc) |
| Why were all Model T's standardised? | Cheaper to make - could sell them at a lower price. |
| How were farmers affected by the boom in the 1920s? | Could not sell goods to Europe after war as they were producing their own. Prices fell. many farmers in debt and lost their land. BUT LARGE, MECHANISED FARMS DID WELL! |
| Who didn't benefit from the BOOM? | Farmers Black people Immigrants People working in old industries (coal, iron) |
| Why didn't Black people benefit from the boom? | Segregation, Jim Crow Laws in the South Many worked on farms and lost their jobs Discrimination In north, many lived in ghettos |
| Name two famous buildings that were constructed in the 1920s? | Empire State Building Yankee Stadium in New York (baseball) |
| What car did Henry Ford invent? | Model T |
| What were the reasons for the Wall Street Crash? | Poverty among plenty Overproduction Tariffs Speculation Panic Selling |
| What were the 2 short-term causes of the Wall Street Crash? | Speculation Panic Selling |
| Why did nearly 60% of America population live near? | The poverty line. Many could not afford to buy consumer goods or were in debt from buying on credit. |
| What is meant by buying on credit? | Buy now, pay later. or Buying on 'hire-purchase' |
| How did overproduction contribute to the Wall Street Crash? | Mass production meant that more goods were being made than could be sold. Could not find buyers for the goods. Those who had them didn't need another. Many people could not afford them. Could not sell abroad because of Fordney McCumber tariffs |
| What is meant by buying shares 'on the margin'? | Borrowing money to buy shares, in the hope that they will gain value. |
| What date was the Wall Street Crash? | 29th October 1929 |
| How did panic selling contribute to the boom? | People rushed to sell their shares, worried that the value was dropping. This made the value of shares worthless and eventually the stock market crashed. |
| What was the Wall Street Crash? | October 29th, 1929. People panicked and rushed to sell shares. Value of shares became worthless and the stock market crashed. |
| What is meant by speculation? | People bought shares 'on the margin' (borrowing money. They gambled that they would go up in value. When the value of shares started to drop - people started to panic-sell. |
| Why didn't immigrants benefit from the boom? | Seen as source of cheap labour. Paid low wages. Faced prejudice and discrimination. |
| How did the growth of public confidence help the boom? | People had the 'feel-good factor' Had confidence in the American economy This encouraged them to buy American goods and therefore industries boomed! |
Created by:
allenk
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