mass production

how did Henry Ford help the economic boom in the 1920s?

* technological advances helped increase almost a second industrial revolution
* henry ford introduced a production line which revolutionised car manufacturing since workers learned to assemble one part of a car at once-allowed lower skilled workers to be employed
* in 1920 there were 8 million cars in the uk but by 1929 there were 26 million (ford model T was most common)
* mass production led to higher output and lower prices meaning the model T only cost $290 well within most people’s reach

How did Frederick Taylor help the economic boom in the 1920s

* Frederick Taylor introduced time and motion studies which were analysed to find newer and more efficient ways of manufacturing goods
* More efficient ways to manufacture goods meant labour costs were lower and profits were higher

How did the creation of larger corporations help the economic boom in the 1920s

* Bought up alot of raw materials and goods allowing companies to benefit from economies of scale
* Larger corporations also controlled a very large proportion of the market (in 1929 16 companies controlled 90% of the USAS Electricity supply industry
* Economies of scale helped companies due to the industrial corporation
* The Industrial Corporation also meant that companies could benefit from lower raw material costs which they could then pass on to consumers

How did electrification stimulate the economic boom in the 1920s?

* stimulated the advance of things such as vacuums, toasters etc.
* in 1912 there were 2.4 million electrical appliances but by 1929 there were 160 million
* 75% of Americans had electricity in their homes