Causes of the boom (AQA GCSE History): Flashcards
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3 characteristics of an economic boom
3 characteristics of an economic boom
Low unemployment, high wages, strong sales
When WWI began & US initial position
When WWI began & US initial position
1914; stayed neutral
How US profited from WWI early (2 ways)
How US profited from WWI early (2 ways)
Lent money to allies; sold supplies
Year America joined WWI
Year America joined WWI
1917
% of world's petrol US produced by 1920
% of world's petrol US produced by 1920
70%
% of US homes with electricity in 1916
% of US homes with electricity in 1916
15%
% of US homes with electricity by 1929
% of US homes with electricity by 1929
70%
What were hire purchase agreements?
What were hire purchase agreements?
Paying for goods in installments, not upfront
% of cars bought on hire purchase by 1920s
% of cars bought on hire purchase by 1920s
60%
Main benefit of assembly line production
Main benefit of assembly line production
Made manufacturing faster & goods cheaper
What is laissez-faire economics?
What is laissez-faire economics?
Minimal government interference in business
Fordney-McCumber Tariff Act year & purpose
Fordney-McCumber Tariff Act year & purpose
1922; high taxes on imported goods
What was 'rugged individualism'?
What was 'rugged individualism'?
People should help themselves, not rely on govt
First step in the cycle of prosperity
First step in the cycle of prosperity
Mass production led to cheaper goods
Republican approach to business regulation
Republican approach to business regulation
Hands-off domestically; protected from foreign competition