10:2 A Growing Economy Rise of new industries – Earnings in U.S. increased 22 percent (1923-1929) – Work hours decreased – Mass Production: large-scale.

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Presentation transcript:

10:2 A Growing Economy Rise of new industries – Earnings in U.S. increased 22 percent ( ) – Work hours decreased – Mass Production: large-scale manufacturing done with machinery

10:2 The Assembly Line – Henry Ford – Highland Park, MI – Divided operations into simple tasks and removed unnecessary motion – Before: automobile created every 93 minutes – After: automobile created every ten seconds

10:2 The Model T – Proved economic concept of “elasticity” Relationship between demand and price Demand high = price low – G.M. and Chrysler created as imitators – Huge growth in other industries Glass, rubber, nickel, lead, steel

10:2

“Disposable income” – Money left after paying taxes and bills Electric razor Frozen foods Electric iron Washing machines Beauty products

10:2 Birth of the Airline Industry – Wilbur and Orville Wright – “Kitty Hawk” – December 17, 1903, Kitty Hawk, N.C.

10:2 Charles Lindbergh – First flight across the Atlantic (1927)

10:2 Radio Industry – Westinghouse Company broadcast news of President Harding’s victory (1920) – KDKA In Pittsburgh – National Broadcast Company (NBC) (1926)

10:2 Consumer Credit – Americans believed debt was “shameful” – Easy credit given to Americans in 1920s – “Buy now, Pay Later” Mass Advertising – Convince people they need something