The time period is the 1920's in which many historical events have taken place
The main thing that can be remembered from the 1920's is the Great Depression
The plot of the story is Little Red Riding Hood going to grandma's house to give her cookies and then getting tricked and eaten by the wolf along with grandma
The concept of the story is that if you procrastinate you will fail. Just like when little red riding hood gets persuaded by the wolf to slow down on the way and she eventually gets eaten along with grandma.