-
Henry Ford Cars
Henry Ford was an inventive person who began to create motor powered cars for a very affordable price, and was producing over 15 million all over the world. The car was so affordable because of the way it was made through an assembly line, which actually sped up the process of production. Because farmers and city dwellers could afford such a material, they of course bought it. It was a great time of prosperity in the economy with the production of the cars. -
World War I
During the beginning of World War 1 the United States was in a recessive state because many Europeans were purchasing goods, such as raw materials( coal, cotton, wool, oil, wood). The United States came into a shortage of workers leading to women having to work in factories as well as a shortage in resource. All of that cost the United States an approximate 32 billion dollars. -
Wall Street Crash
Greatest stock market crash in U.S. and started the Great Depression. 12 million people were unemployed, and 12,00 were being made unemployed everyday. 20,000 companies had gone bankrupt. 1616 banks went bankrupt. 23,000 people committed suicide in one year. During this time, the U.S. was in a depression. (Kerianne) -
Period: to
Great Depression
Lasted from 1929-39. Began after the wall street stock market crash of 1929. Over the years investment and consumer spending dropped. 13 to 15 million Americans were unemployed and half of the banks in America had failed. Over this time the United States was in Recession and Depression. (Kerianne) -
World War II
By the time World War 2 came around, the Great Depression had already occurred, so the United States was in a recovery period during that time because during the war the was a great need for weapons, so that gave many unemployed Americans a job, which then helps the economy by giving people jobs, and balancing supply + demand. -
Pearl Harbor
Japanese planes attacked a U.S. naval base at Pearl Harbor in Hawaii. This killed more than 2,400 people, destroyed 8 battleships and more than 100 planes.This attack caused the second World War. The attack came at a time when the U.S. economy was almost in a recession, so the attack pushed the country into that recession. There was as sharp drop in overall consumption and purchases of high priced goods, like cars because of this shock. (Kerianne) -
Television
During the 1950’s after World War 2, the United States had found a new form of entertainment, which was the television. This was a great time for the United States and their prosperous path after recovering from the Great Depression that had ended when the war begun. TV's soon became a common household item, which increased the economy because so many people were spending during that time. -
Civil Rights Movement
Around the 1960-1980's Prosperity The Civil rights movement was the protesting of ending segregation. To have equal rights for African Americans. Although protest arose for higher pay. There were still many people that worked for any sort of money they could get. -
JFK Assasination
President John F Kennedy was assassinated on November 22, 1963. When the news spread, people were shocked and were in grief so stock prices too a quick drop of 3%. This drop was short-lived, all of the losses happened in one day, and businesses regains their loses in the next two days. During the 1960s, the U.S. was in prosperity. (Kerianne) -
OPEC
In 1973-1974 (Organization of the Petroleum Exporting Countries) OPEC was created to reduce the oil prices. OPEC oil contracts were priced in US dollars Then the value of a US dollar went down. There were many options to make sure the companies revenue did not keep disappearing. So they quadruple the price a barrel from 2.90 and going to 11.65 so this led to recession Then the OPEC stopped all exports to the US and Israeli allies. Because of Allies forming against Egypt in the Yom Kippur War. -
The Search Engine Google
1998 Google is a search engine that lets you search for anything or anyone. They received 29.3 billion income in 2010. It's more than the Gross Domestic product in many major Countries. For example Iceland reported a 16.69 Billion. -
9/11
On September 11th, terrorists hijacked planes and crashed them into the World Trade Centers and the Pentagon. This tragedy caused the 2001 recession to deepen and led to one of the biggest government spending programs which was the War on Terror. The attack cause the Dow to drop 600 points. It also caused the stock market to close for 4 days, which was the first time since the Great Depression. (Kerianne) -
Financial Crisis
The financial crisis happened because banks were making too much money to fast and tried to push up pricing for homes and speculate finance markets. When a bank makes a loan new money is created so in 7 years the amount of money and debt in the economy doubled because of this then it would be recession. -
IPhone 6
IPhones surprisingly make up between one fourth to one third of the United States GDP growth. Many consumers are willing to spend money on new and innovative products, so when things like IPhones which are so popular have new influences on consumers, it it their main target and completely shoots up the economy. This has left the United States in a prosperous stage because there are so many people spending, therefore increasing the GDP. -
The Government Shutdown
In 2013 the government shutdown causing 1.3 million workers were delayed in being paid and the GDP slowed only 0.1-0.2%, so this would be recession. This was because calculations on taxes and accounting were not done on time. -
Sites/ Sources
https://en.wikipedia.org/wiki/Government_shutdown_in_the_United_States
https://en.wikipedia.org/wiki/African-American_Civil_Rights_Movement_(1954%E2%80%9368)
https://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%9308
http://www.investopedia.com/articles/investing/061115/googles-revenue-beats-gdp-several-major-countries.asp
https://www.thebalance.com/what-is-stagflation-3305964 -
More Sources
https://www.thebalance.com/how-the-9-11-attacks-still-affect-the-economy-today-3305536
http://www.history.com/topics/great-depression
http://www.historylearningsite.co.uk/modern-world-history-1918-to-1980/america-1918-1939/wall-street-crash-of-1929-and-its-aftermath/
http://www.usatoday.com/story/money/markets/2013/11/21/stock-market-reaction-to-jfk-assassination/3662171/
http://www.cfr.org/terrorism-and-the-economy/aftermath-terrorist-attack-economic-financial-policy-consequences/p4041 -
Sources
http://www.nber.org/digest/jan05/w10580.html https://www.gilderlehrman.org/history-by-era/world-war-ii/essays/world-war-ii-home-front http://hfha.org/the-ford-story/henry-ford-an-impact-felt/ http://www.ibtimes.com/apple-iphone-6-has-measurable-impact-us-economy-1713752 http://oureverydaylife.com/impact-tv-economy-1950s-41061.html
