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During the 1920s, there was a rise in economy of the United States. The people of the United States and its territories enjoyed a prosperous life, as the economy grew 7 percent per year between 1922 and 1927. In this period, also referred as “Roaring Twenties”, there was high economic growth with increase in the living standards of Americans.
According to the textbook, “Nation of Nations”, the reasons for the economic expansions in the nineteenth century were due to the boom in the industrial sector after the World War I and high consumer spending. Along with the improvements in the technological fields, construction and automobile industry, the sale of electricity doubled and consumption of fuel was doubled too. People spent lot of their money due to proper jobs and the falling prices of goods by which money in the economy increased sharply.
In the 1920s, the improvement in technology helped partly in the economic boom of the United States. It reduced the prices of consumer goods, production grew at a higher rate and Americans saved less and spend more money. There was boom in the…
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