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Installment buying much like credit tried to help average Americans afford more expensive products. Installment buying is instead of buying the product with credit and paying back the full amount at a later time, installment buying is where you have the product but pay portions of the full amount at decided times to fully buy the product. This affected modern economics because installment buying have been a big part for lower income families being able to afford tvs, refrigerators, dishwasher, ovens and many other appliances. source
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In the 1920s the first credit system was introduced. The first credit system was meant to help the average american afford a car. Since credit is to be paid back at a time when the person has the money debt became a huge problem with people not paying back the credit thats owed. Though credit didnt work out to much during the 1920s, but in modern economics, credit helps the flow of production and consuming products flow steadily because if their is a debt they get punished for abusing the credit system like jail time. source
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The great depression was a major recession that started in 1928 and lasted for almost 10 years when it ended in 1939. The main cause of the great depression was the stock market crashing leading to unemployment increasing to over 10% in the GDP. The Great depression impacted our modern economy by the modern economic system almost centering on how to prevent another great depression. The result included unemployment compensation which they didn't have before the stock market crash, the social security act which added a pension to people over the age of sixty, widows and dependents. source
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