Economic Boom

Definition

An economic boom is a period of rapid economic growth with increased production, high employment rates, rising wages, and strong consumer spending.

Related terms

Consumerism: The belief that it is good for people to spend money on goods and services in order to support economic growth.

Stock Market Speculation: When investors buy stocks hoping they will increase in value so they can sell them later at a higher price.

Installment Buying: Purchasing goods by making small monthly payments rather than paying for them all at once.