Economic Boom

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23 Terms

1

Mass production

Method of producing goods on a large scale and quickly

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2

Protectionism

Imposing taxes on foreign goods to promote domestic purchases

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3

Assembly line

Series of workers and machines assembling identical items

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4

Laissez-faire

Government policy of minimal interference in the economy

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5

Rugged individualism

Belief in self-reliance and free competition

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6

Boom

Period of economic prosperity benefiting many

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7

Trade union

Organized group protecting workers' interests

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8

Fordney McCumber Tariff Act

Imposed taxes on foreign goods to boost American sales

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9

Hire purchase and credit

Borrowing money to pay for goods over time

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10

Calvin Coolidge

President advocating laissez-faire policy and business respect

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11

Herbert Hoover

President promoting self-reliance and minimal government aid

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12

Skyscraper

Tall building symbolizing corporate power and wealth

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13

New consumer society

Shift towards increased consumption and new industries

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14

Jim Crow laws

Segregation laws enforcing racial discrimination

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15

KKK

White supremacist group promoting racial hatred and violence

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16

Immigrants

People moving to a new country for residence or work

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17

New industries

Emerging sectors like chemicals, electrical goods, and cars

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18

Household electrical goods

Products powered by electricity for home use

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19

Ford Model T

Affordable car produced by Henry Ford

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20

New roads and suburbs

Infrastructure development due to increased car usage

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21

Labour Unions

Organizations protecting workers' rights in negotiations

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22

Wall Street Crash

Stock market collapse leading to the Great Depression

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23

Depression

Severe economic downturn with high unemployment

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