Prices in the 1920s were significantly less than they are today. Although data for 1924 is sparse, in 1925 shoppers paid 47 cents for a pound of bacon, 9 cents for a pound of bread, 55 cents for a pound of butter and 52 cents for a pound of coffee. For the most part, food prices were consistent between 1920 and 1929.Know More
In 1924, the automobile industry was going strong in the United States. Ford dropped its prices on the new Runabout to $265, a new Chevrolet cost $525 and the luxury Buick Marquette sold for a hefty $965. At the same time, the ultra-luxury Hudson cost $1795.
Appliances were fairly inexpensive in the 1920s. A new electric washing machine cost $81.95, and a vacuum cleaner complete with a motor-driven brush was $28.95. A waffle iron could be purchased for $8.95, and an electric toaster sold for about $1.50. Audio electronics were fairly expensive during this era. The RCA Electric Radiola, for example, sold for $495, which is the equivalent of about $5,000 in modern times.
Do-it-yourself home building was popular in the 1920s. Self-build house kits included architectural plans, lumber, roofing shingles, doors, windows, hardwood flooring and even the paint and varnish to finish the house. One example, the Florence Cozy 5 Room Cottage, sold for $1,195, while the Sears Roebuck Gladstone, which featured three bedrooms, a living room, dining room, kitchen and bath, sold for $2,025.Learn more about Economics
Milk cost varies due to economic factors, location of manufacture and the class of milk. Some of the economic factors are production, manufacturing and labor costs.Full Answer >
The opportunity cost formula is a simple solution to answer the age old question of whether a particular course of action is worth starting. Opportunity cost is the total sum of what a person or organization has after they compare that sum to what they sacrifice. Opportunity cost is all about the profit a person or organization associates with missed or lost opportunities.Full Answer >
The annual cost-of-living index measures the prices of consumer goods and services in more than 300 U.S. cities. The index examines the cost of housing, transportation, groceries and other expenses, and the resulting number indicates whether it's more or less costly to live in certain areas.Full Answer >
iThe law of increasing opportunity cost is an economic theory that states that opportunity cost increases as the quantity of a good produced increases. Investopedia defines opportunity cost as the cost of an action not taken in order to pursue a particular course of action.Full Answer >