Starter quiz
- Which word best describes someone who buys goods?
- consumer ✓
- manufacturer
- producer
- retailer
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- What type of economic activity is involved in industry?
- farming
- manufacturing ✓
- financial services
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- Write the missing word. The Industrial ______ began in Britain in the 18th century.
- 'Revolution' ✓
- Which of the following countries was not initially involved in WWI?
- Britain
- France
- Germany
- Russia
- USA ✓
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- Why can Native Americans be described as 'indigenous' to the Americas?
- they migrated to the Americas
- they are the most powerful group in the Americas
- they are the most populous group in the Americas
- they were the original inhabitants of the Americas ✓
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- Starting with the earliest, sort the following events into chronological order.
- 1⇔American Revolution
- 2⇔abolition of slavery in the British Empire
- 3⇔abolition of slavery in the USA
- 4⇔beginning of Wolrd War One
Exit quiz
- Match up the keywords with the correct definitions.
- GDP⇔total value of goods and services produced by a country ✓
- laissez-faire⇔where the government avoids interfering with the economy ✓
- shares⇔allow owners to take a portion of a company's profits ✓
- tariff⇔a government tax on imports into a country ✓
- Which of the following goods was commonly produced on assembly lines?
- books
- paintings
- radios ✓
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- Write the missing word. ______ politicians in the USA were usually in favour of laissez-faire policies in the 1920s.
- 'Republican' ✓
- What name was also given to credit schemes?
- mass production
- tariffs
- hire purchase plans ✓
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- Which statement is accurate?
- unemployment rose and average wages fell during the 1920s
- unemployment and average wages fell during the 1920s
- unemployment fell and average wages rose during the 1920s ✓
- unemployment and average wages rose during the 1920s
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- What name is given to the process whereby changes in the US economy positively reinforced the effects of other changes?
- cycle of prosperity ✓
- cycle of purchasing
- cycle of positivity
- cycle of poverty
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Worksheet
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Lesson Details
Key learning points
- The USA experienced an economic boom in the 1920s.
- Mass production, government policies and the effects of WWI helped make businesses more profitable.
- Demand for consumer goods like cars and radios increased.
- Advertising and hire pruchase schemes helped create a consumer society.
- The boom was accelerated by a cycle of prosperity which benefitted both businesses and consumers.
Common misconception
Students assume that only businesses benefitted from the boom.
Consumers benefitted from the boom through increased employment, rising wages, and the ease of buying goods which improved standards of life.
Keywords
Gdp - GDP refers to the total value of goods and services produced by a country in a year
Shares - some companies sell shares in order to raise money; people who own shares in a company receive part of the company’s profits
Laissez-faire - laissez-faire beliefs suggest that the government should not interfere with the economy
Tariff - a tariff is a government tax on imports into a country
Consumer goods - goods which people use for their own benefit, such as cars or clothes, are known as consumer goods
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