USA HISTORY

Detailed explanation-1: -One important feature of the US economy of the 1920s was mass production. A well-known pioneer of mass production was the car manufacturer Henry Ford. Mass production lowered costs and prices of engineered goods. Thanks to higher wages, more workers could now afford to purchase durable consumer goods such as cars.

Detailed explanation-2: -The 1920s is the decade when America’s economy grew 42%. 1 Mass production spread new consumer goods into every household. The modern auto and airline industries were born. The U.S. victory in World War I gave the country its first experience of being a global power.

Detailed explanation-3: -The Roaring Twenties was a period in American history of dramatic social, economic and political change. For the first time, more Americans lived in cities than on farms. The nation’s total wealth more than doubled between 1920 and 1929, and gross national product (GNP) expanded by 40 percent from 1922 to 1929.

Detailed explanation-4: -Real GNP growth during the 1920s was relatively rapid, 4.2 percent a year from 1920 to 1929 according to the most widely used estimates. (Historical Statistics of the United States, or HSUS, 1976) Real GNP per capita grew 2.7 percent per year between 1920 and 1929.

Detailed explanation-5: -Consumption in the 1920s The prosperity of the 1920s led to new patterns of consumption, or purchasing consumer goods like radios, cars, vacuums, beauty products or clothing. The expansion of credit in the 1920s allowed for the sale of more consumer goods and put automobiles within reach of average Americans.