A Business Boom Chapter 21 Sec 2.

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Presentation transcript:

A Business Boom Chapter 21 Sec 2

Problem Homer wants an Xbox One but only has $50. Legally how could Homer get one today without having the money?

Consumer Economy The 1920’s economy was strong and based on people buying things. This is known as a consumer economy. People began to buy more in part due to higher wages. They began to use installment plans where they paid things off in small payments.

Credit People began to buy things that they did not have the money for on the spot. They were given credit so they could buy now and pay later. They were often charged an interest on the credit and paid from 11-40% more back.

Demand for Electricity With more money and more appliances the demand for electricity surged. People with electric lights went from 16% to 63% General Electric more than doubled in value and became one of the largest companies in the world.

Advertising People selling different products needed a leg up and began to advertise. Advertising became less about the product and more on how it could better ones life. To keep up with the consumer companies had to build more and the countries Gross National Product (GNP) rose 6% a year.

Henry Ford and the Automobile The car made its way to the United States in 1892. Over 28 years only 8 million cars were made and bought. During the 1920’s over 28 million were sold. The rapid increase was due to Henry Ford.

American Icon: Henry Ford Born in Michigan, Henry Ford is most known for his success in the automobile industry. Ford goes against the automobile monopoly ALAM and developed the assembly line to make cars affordable for everyone.

The Car Industry Creates Others Henry Ford creates the Model T. The first car the average American can afford.

Class Activity Page 722 Learn the Skill 1-3 Practice the Skill 1-3