Chapter 24 Section 3 A Booming Economy. Key Terms * recession- an economic downturn *GNP – Gross National Product Total value of all goods & services.

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Presentation transcript:

Chapter 24 Section 3 A Booming Economy

Key Terms * recession- an economic downturn *GNP – Gross National Product Total value of all goods & services produced. *productivity-The amount of work each worker can do. *installment buying – Buying by promising to pay back

Gross National Product 1922: $70 billion 1929: $100 billion Before WW I: 30% % factories ran by electricity Total value of goods & services produced…..

ScientificScientific management Hiring experts to study how goods could be produced more quickly.

AssemblyAssembly Lines A mass production technique first introduced by Henry Ford

Consumer Economy By 1920s - 60% had electricity refrigerators, vacuum cleaners, radios, fans Grocery Store - A & P Automobiles – Ford, General Motors, Chrysler

AutomobileAutomobile Age  Sturdy  Reliable  Inexpensive  Available only in black  Sold for $300, average worker made $1300 yearly

Detroit, Michigan automobile manufacturing center of the world ( Henry Ford)

How did the automobile change American lives???  Steel, rubber, and glass industries grew  Oil began being refined for gasoline  Suburbs grew b/c of transportation  Tourism grew  New roads & highways

Those left behind??? Farmers: Prospered during the war…..but After the war… Food prices dropped, farmers’ income fell…debts could not be repaid…lost their farms

Installment Buying One dollar down, one dollar forever… This boosted consumer spending

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