A Booming Economy Chapter 7 Section 1.

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Presentation transcript:

A Booming Economy Chapter 7 Section 1

Lecture Focus Question How did the booming economy of the 1920s lead to changes in American life?

Ford Pioneers Mass Production Mass production: rapid manufacture of large numbers of identical products Ford perfected moving assembly line process Wanted to build cars ordinary people could afford Model T sold for $290 by 1927!

$5 Day, 40 Hour Week Ford more than doubled his workers’ wages Cut work day to 8 hours, weekends off More $ + More leisure time = workers become customers!

HENRY FORD

The Automobile Changes America Boom in automobile industry caused boom in other industries (rubber, glass, steel, etc.) Road construction Rise of “motor hotels” or “motels” New sense of freedom & prosperity Cars allowed people to live further from their work place → growth of suburbs and highway systems

Brain Snack Left Hand Right Hand Summarize your notes so far in 3 words. Write those 3 words with each hand. Left Hand Right Hand

Building a Consumer Culture Flood of new consumer products New approach to advertising: appealed to negative emotions like insecurity, fear, and guilt “A woman is only as old as her complexion.” (1923 ad) Use of movie stars to endorse products

Credit Pre-1920s: 1920s: Cash paid up front for everything New products were expensive 1920s: Installment plan: customer makes partial payments at set intervals until the debt is paid Increased personal debt Speculation: making high-risk investments with hopes of a huge return Buying on margin: buy stocks at fraction of price, borrow the rest

Cities, Suburbs, and Country Demographics: statistics that describe a population (age, race, etc.) Major movement away from countryside and into urban areas Suburbs grew quickly Improved mass transportation Affordable cars Urban areas boomed economically Farmers were economically stressed

Trouble on the Horizon America’s wealth was poorly distributed Industrial wages rose slower than corporate salaries Farming communities bypassed by economic boom of the 1920s Stock market stood on shaky ground

Lecture Focus Question How did the booming economy of the 1920s lead to changes in American life?