Economy in the 1920s
Economy in the 1920s boomed as people started earning money in great sums, and they also spent all that money. The GNP per capita went from $4500 in 1921 straight up to $5700 by 1929, just before the great depression. The main contributors in this boom were the stock market, and Henry Ford's automobiles; the Ford T Model and Ford A Model. Household appliances, and houses were made a lot faster, and for a cheaper price than ever before. The way products were produced also made it cheaper; materials were bought it bulk and factories were very efficient in making almost anything. There was also a new market for labour saving appliances; fans, radios, irons, kettles, toasters, vacuum cleaners and many other household items were made to run on electricity and were mass produced so that they could be sold for a very affordable price.
The unemployment rate was almost nil and working hours were the same for almost all occupations, however the number of hours required at coal and railroad production declined greatly as there were more workers applying for the jobs. The moving assembly line also helped a great deal in the production of items as it was extremely efficient, because one person would only need to learn one part of the task required to make an item, unlike earlier where each person had to know how to make the whole thing. Both of these factors led to an increase in the wealth and products owned by individuals, companies and also the nation.
The unemployment rate was almost nil and working hours were the same for almost all occupations, however the number of hours required at coal and railroad production declined greatly as there were more workers applying for the jobs. The moving assembly line also helped a great deal in the production of items as it was extremely efficient, because one person would only need to learn one part of the task required to make an item, unlike earlier where each person had to know how to make the whole thing. Both of these factors led to an increase in the wealth and products owned by individuals, companies and also the nation.