12.3 ;The Business of America; – Flashcards

President of the U.S.(1923-1929) succeeded to presidency on death of Harding, elected in 1924

The outward expansion of cities

the automobile became a status symbol, which was something every person needed to have

the total amount of money earned within a country

Debts that are owed as a result of purchasing goods that are consumable

An easy way to borrow money to buy goods

fake success

Calvin Coolidge's goal was to allow private enterprise to flourish. Calvin Coolidge pushes for minimal government interference in business, low taxes, credit to businesses to expand, and high tariffs on imports.

Ways the automobile changed American life: -Paved roads -Gas stations -Motels -Shopping centers -Isolated rural families can travel to cities -Workers live far from jobs leads to urban sprawl(spread of cities) -Auto industry gives economic base to some cities(i.e. Detroit) -Boosts oil industry -By late 1920s, 1 car for every 5 Americans -Houses now have carports/garages

Advertising changed American life by making things that once were luxuries become necessities.

Economic problems hidden by the business boom of the 1920s: - Installment plan - Overproducing - Banks provide money at low interest rates - Some economists, business owners think installment buying is excessive - Sign of fundamental weakness behind superficial prosperity

the creations of automobiles