An economic boom refers to a period characterized by significant growth in economic activity such as increased production, high employment rates, rising incomes, and overall prosperity within an economy.
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Recession: A recession is the opposite of an economic boom. It refers to a significant decline in economic activity characterized by reduced production levels, increased unemployment rates, lower incomes, and overall economic contraction.
Gross Domestic Product (GDP): GDP measures the total value of all final goods and services produced within a country's borders during a specific period. It is used to gauge the overall economic performance of a nation.
Business Cycle: The business cycle refers to the recurring pattern of expansion (economic boom) and contraction (recession) in an economy over time. It consists of four phases: expansion, peak, contraction, and trough.