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
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 >
According to Business Dictionary, a constant-cost industry is an industry in which the ratio of units produced to the production cost per unit is constant, even when demand increases. This industry also keeps input prices the same.Full Answer >
Cost of living is a measure of income against the amount of money required to maintain a standard of living to which one is accustomed. It is, therefore, necessary to examine expenses related to all facets of life when comparing cost of living.Full Answer >
The average cost of a therm of natural gas changes on a regular basis due to fluctuating energy prices. In February 2015, for example, the average cost of a therm of utility gas was $1.087, according to the Bureau of Labor Statistics. One year previously, the price averaged $1.175.Full Answer >