American Economic Prosperity in the 1920s

Vocabulary flashcards covering the reasons for American wealth in the 1920s, including government policies, tariffs, and industrial methods.

Republican Policies

Government approach in the 1920s characterized by laissez-faire, high wages, low taxes, and shorter working hours to encourage spending.

Laissez-faire

A policy of minimal government interference in the economy, adopted by the Republican government in the 1920s.

Fordney-McCumber Tariff 1924

A tariff that made it cheaper to buy American made goods by making it expensive to import products.

Mass production methods and assembly lines

Industrial techniques used to strengthen American industry and help manage supply and demand.

Hire Purchase

A system of spending power where consumers could 'buy now, pay later,' marking a shift from saving to spending.