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A Booming Economy

A Booming Economy. Chapter 7.1. The Automobile Drives Prosperity. Economic prosperity. Stock prices rose. Factories produced more. Wages rose. Henry Ford. Much of the growth was due to Ford. Mass production not invented by Ford. Perfected it. Automobile.

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A Booming Economy

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  1. A Booming Economy Chapter 7.1

  2. The Automobile Drives Prosperity • Economic prosperity. • Stock prices rose. • Factories produced more. • Wages rose

  3. Henry Ford • Much of the growth was due to Ford. • Mass production not invented by Ford. • Perfected it.

  4. Automobile • Only the wealthy could afford cars.

  5. Ford • Introduced the Model T. • Hired scientific management experts to improve mass production.

  6. Scientific Management • Scientific Management • Experts who improve on production techniques.

  7. Ford • Studies the meatpacking industry. • Each person responsible for a specific part.

  8. Ford • Ford put cars on assembly lines.

  9. Assembly Line • Allowed Ford to lower the price. • 12 hours to 90 minutes. • 1919 10% of American families owned a car • 1927 56% owned a car

  10. Ford • 1914 doubled wages. • Reduced the workday. • Saturday and Sunday off.

  11. Ford • If workers had more money and leisure time, they might buy his cars.

  12. The Automobile Changes America • Steel, glass, rubber, asphalt, gasoline, insurance, and road construction all benefited

  13. Automobile Impact • Service stations, diners, and hotels sprang up across the nation.

  14. Highway System • Government introduced the numbered highway system in 1926

  15. Automobile • Permitted people to live farther from their jobs.

  16. Automobile • Development of suburban communities.

  17. 1920’s saw the consumer revolution. • A flood of new goods became available to the public.

  18. Purchasing Power Installment buying was a new way to buy products.

  19. Purchasing Power Installment Buying: • Small down payment and then pay monthly installments.

  20. Big Bull Market Makes Fortunes • Stock market enjoyed a bull market.

  21. Bull Market • A period of rising stock prices

  22. Buying on Margin • As markets soared, more people bought on margin.

  23. Margin • Bought on credit. • Paid 10% up front. • Paid for the rest in installments.

  24. Cities, Suburbs, and Country • Immigrants, farmers, and the Great Migration went to the cities.

  25. Cities • Skyscraper technology caused cities to stretch skyward.

  26. Empire State Building • New York’s Empire State Building symbolized

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