Between 1922 and 1929 the annual GNP of the USA increased by 40%. The average income per head increased by 27%.
FEATURES OF THE BOOM [CI SUCCESS]
a. Consumer boom growth of personal possessions (c.f. Woolworths, , commercial travellers).
b. Innovation in production methods especially in the motor industry (by 1925 Ford were producing a car every 10 seconds); this pushed down prices and made goods more accessible for ordinary people (the cost $850 in 1910, only $295 in 1920).
c. Synthetics the invention of (the first plastic), cellophane and nylon - and chemicals.
d. Upsurge in car ownership esp. the Ford Model T; 15 million had been produced by 1927, and the number of Americans owning cars rose from 8 to 23 million.
e. Consumer /electrical goods fridges, washing machines, dishwashers, vacuum cleaners, record players.
f. Communications revolution number of telephones doubled/ number of increased from 60,000 to 10 million.
g. Entertainment industry Hollywood, Charlie Chaplin, the and cinemas, jazz clubs and speakeasies.
h. Stock market Wall Street boomed (a '' market) with many people buying shares to make a profit. Many new businesses were '' on the stock market.
i. Skyscrapers, highways and urban development.
WHY INDUSTRY BOOMED [PAT GOT CASH]
a. Population growing rapidly increased demand for consumer goods.
b. Abundant raw materials esp. coal, iron and oil allowed cheap production.
c. Tariffs protected American industry from competition.
d. Government the government relaxed regulations and reduced taxes (this is called ).
e. Opportunities of New Technology e.g. electrical goods, radio, film, nylon.
f. Techniques of production Fords Assembly line method, and Frederick Taylors .
g. Cycle of prosperity increased prosperity increased prosperity.
h. Advertising e.g. billboards, radio commercials.
i. Sales methods e.g. commercial travellers, , chain stores such as Woolworths.
j. Hire Purchase allowed people to buy now, pay later.
Between 1922 and 1929 the annual GNP of the USA increased by 40%. The average income per head increased by 27%.
FEATURES OF THE BOOM [CI SUCCESS]
a. Consumer boom growth of personal possessions (c.f. Woolworths,
hire purchase, commercial travellers).
b. Innovation in production methods especially in the motor industry (by 1925 Ford were producing a car every 10 seconds); this pushed down prices and made goods more accessible for ordinary people (the Tin Lizzie cost $850 in 1910, only $295 in 1920).
c. Synthetics the invention of bakelite (the first plastic), cellophane and nylon - and chemicals.
d. Upsurge in car ownership esp. the Ford Model T; 15 million had been produced by 1927, and the number of Americans owning cars rose from 8 to 23 million.
e. Consumer durables/electrical goods fridges, washing machines, dishwashers, vacuum cleaners, record players.
f. Communications revolution number of telephones doubled/ number of
radios increased from 60,000 to 10 million.
g. Entertainment industry Hollywood, Charlie Chaplin, the talkies and cinemas, jazz clubs and speakeasies.
h. Stock market Wall Street boomed (a 'bull' market) with many people buying shares to make a profit. Many new businesses were 'floated' on the stock market.
i. Skyscrapers, highways and urban development.
WHY INDUSTRY BOOMED [PAT GOT CASH]
a. Population growing rapidly increased demand for consumer goods.
b. Abundant raw materials esp. coal, iron and oil allowed cheap production.
c. Tariffs protected American industry from competition.
d. Government the government relaxed regulations and reduced taxes (this is called laissez faire).
e. Opportunities of New Technology e.g. electrical goods, radio, film, nylon.
f. Techniques of production Fords Assembly line method, and Frederick Taylors
time and motion.
g. Cycle of prosperity increased prosperity increased prosperity.
h. Advertising e.g. billboards, radio commercials.
i. Sales methods e.g. commercial travellers,
mail order, chain stores such as Woolworths.
j. Hire Purchase instalments allowed people to buy now, pay later.
