THE ROARING 20S 1920 1929
AMERICAN ECONOMY IN THE 1920S
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Our economy failed
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We became a command economy
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It made industries grow, gave people jobs, and allowed people to buy consumer goods
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It slowed down the way we made things
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Detailed explanation-1: -Mass production is the manufacturing of large quantities of standardized products, often using assembly lines or automation technology. Mass production facilitates the efficient production of a large number of similar products.
Detailed explanation-2: -Anything consumers needed or desired could be made in larger quantities. Mass production resulted in lower prices of consumer goods. Eventually, economies of scale resulted in the most affordable price of any product for the consumer without the manufacturer having to sacrifice profits.
Detailed explanation-3: -In addition to lowering cost, the application of the principles of mass production has led to major improvements in uniformity and quality. The large volume, standardized design, and standardized materials and processes facilitate statistical control and inspection techniques to monitor production and control quality.
Detailed explanation-4: -(i) Mass production lowered the costs and prices of engineered goods. Because US and many European countries were following the rule of giving higher or double wages to their labourers to do monotonous tasks in their factories.