Question

What is meant by an economic boom or boom period?

Answer 1

Period that follows recovery phase in a standard economic cycle. A boom is characterized by an economy working at full or near-full capacity, strong consumer demand, low rate of unemployment, and a rising stockmarket, usually accompanied by rapidly increasing consumer prices (inflation).

Answer 2

An economic boom is the expansion and peak phases of the business cycle . It is also known as an upswing , upturn and growth period .

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