In order to answer this question, it is first necessary to have a broad understanding of the general economic landscape as it pertains to the automobile industry. while some might argue that automobiles are just one more product consumed by factories and families, cars indirectly play a role in various other different industries. specifically, the car-leasing industry is largely reliant on automobiles as their primary product, which means that leasing becomes a large-scale contributor to economic growth only because of the automobiles themselves. the housing market highly relies on individuals who can afford monthly payments for automobiles or who can offer collateral securities from banks should they default on their loans; without these individuals coming into existence at all times throughout history, mortgages would be much harder to come by and invent
how does the automotive industry affect the economy?
the automotive industry has a huge impact on the economy, in that it contributes well over $1 trillion to the gross domestic product (gdp) annually. it also leads to higher levels of employment in the united states, providing about 3 million jobs.
manufacturers are investing billions in improved technologies for fuel-saving cars and engines, which is leading to an increase in manufacturing-related output. foreign companies are investing heavily in american plants or upgrading existing sites, which will produce competitive vehicle models without incurring high shipping costs. bmw's production plant near spartanburg county is one example. employment within this sector could be even greater if there were trade barriers negotiated by establishing international agreements with certain countries or regions to meet emission standards set by other
how did the mass production of automobiles affect the economy?
it allowed the economy to thrive. cars became easier to buy and gas prices were much lower than they are now. this gave an opportunity for those with limited income more accessibility as well as those who may not have been able to rely on public transportation at all or too often back in the day. all of this led to more jobs as well as a higher quality of life for citizens across america, ultimately leading to economic prosperity and a flourishing middle class across the nation.
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how did automobiles impact the 1920s?
automobiles in the 1920s impacted people in a lot of ways, from the changes it brought to society, mental health, and personal identity.
automobiles became much more accessible in all levels of society when they were finally able to be mass-produced for an affordable price. it was very convenient for people to use carpooling services because one person could move much greater distances without considering their stamina or need for rest. all around towns and cities these cars were simply being parked wherever there might be space which lead to a lot less congestion. at this time people started buying a lot more homes outside of city limits so they could have privacy away from all the noise and pollution that came with metropolitan life.
in terms of mental health,