- Created by: Beth R123
- Created on: 29-03-19 10:05
- Henry Ford mass produced cars in the 1920s.
- His cars were mass produced on conveyor belts- each person had their own individual job to do- this was good because it created more jobs for people to do.
- Because people had different job on the conveyor belt (assembly line)- this made the cars cheaper.
- Henry ford contributed really well to the boom- because of him, lots of people made money (propered) and America was going great.
1. When did Henry Ford produce cars?
2. What did Ford produce cars on?
3. Why did cars become cheaper?
4. What does 'prosper' mean?
Shares and hire purchase
- Shares= an amount invested in the company that allows you to get that company's profit depending on how much you invest e.g. 50% share= you earn 50% of the profit from the company.
- Hire purchase= a loan of money (usually quite a large amount) that you can buy products with but you pay back the money you have loaned every month with a set deposit.
- Consumer goods= goods that were bought on hire purchase e.g. fridges, radios, cars, washing machines and dryers.
- Credit= borrowed money again that you pay back whenever you can over a certain period of time without a set deposit.
1. What are shares?
2. What is hire purchase?
3. What are consumer goods?
4. What is credit?
Bigger shares invested as companies boom from the shares as more cars are being produced
Car prices go down and more consumers as tariffs are charged on products.
- Tarrifs= tax charged on foreign goods.
- Overseas cars more expensive than American things, therefore American companies make more cars and other products as they sell more and America prosper.
- As hire purchase increases, more money is made within companies.
- People have more money to spend as the taxes and prices of consumer goods are low.
1. How did companies boom (hint: the cars made!)
2. Did car prices go down or up and why?
3. What were tariffs?
4. What was good about hire purchase and why?
America and WW1
- America made money during WW1 as they were selling supplies such as food and artillery (weapons) to Europe.
- However after the war, farmers weren't making money because they were making crops that couldnt be sold to Europe- the soldiers could feed themselves after the war so they didnt need the supplies the farmers were making.
- In result of this, farmers lost money because they weren't selling to Europe- in result of this, they had to sell their farms and they had no money at all.
- During the war, America didn't sell or trade with Germany because 1. Germany had their own supplies so they didnt need the supplies AMerica was selling to Europe, 2. Germany was the enemy in WW1.
1. How did America make money during WW1?
2. Why did farmers not prosper during the Boom?
3. Why didn't America sell or trade supplies with Germany?
Key quotes + terms
- Laissez-faire= the goverment did not interfere with any businesses in America.
Remember 2 quotes:
- "Tin Lizzie"- what Ford named the Model T Ford.
- "It can be any colour as long as it's black- Henry Ford.
1. What does Laissez-faire mean?
2. Complete the quote: "T.... L........ "
3. Complete the quote: "It ........ ..... any .......... as ......... as ........... .............."