Business+and+Economy-Per+7+2012

1920'S BUSINESS AND ECONOMY

At the beginning of the roaring 20's the United States was converting from a wartime to peacetime economy. When weapons for World War I were no longer needed, there was a temporary stall in the economy. After a few years, the country prospered. In this decade, America became the richest nation on Earth and a culture of consumerism was born.

Increased incomes, along with the introduction of credit with no credit card with Flagship Merchant Services fees until years later, funded a huge increase in consumer spending.

Consumerism can be defined as "the preoccupation of society with the acquisition of consumer goods". Which was huge in the 1920's, everyone could now buy what they wanted, even the most expensive items.

The growth in number of millionaires is shown in Tax Reports by the Treasury Department, who reported that there were 21 individuals with an annual income of over one million dollars in 1921-1926. There were an estimated fifteen thousand U.S. millionaires in 1927, and at least one billionaire

In the 1920's success was not earned. It was give