Summarize the reasons for American prosperity at the end of World War II.
Postwar America experienced economic prosperity primarily as a result of increased demand and consumption, as well as technological advancement. For instance, the GI Bill of Rights provided veterans with loans and other benefits had boosted demand for home construction and education. On the other hand, the baby boom contributed to the 1950s' economic prosperity by increasing demand and consumption, forcing markets to produce more. The supply and demand for food, clothing, housing, and technology increased as the world's population grew.
Furthermore, in the postwar period, American business transitioned from an industry-based to a service-based system. More jobs in information industries, such as hotels and banking, had also emerged due to technological advancements. Moreover, the most significant development during the period was the opportunity for entrepreneurs to establish service businesses both domestically and internationally.
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