boom

A "boom-and-bust" refers to the alternating periods of prosperity and depression within a business cycle. An economic expansion, often called a boom, is characterized by rising production and employment, leading to increased incomes and spending. This upward trend is fueled by consumer and business confidence, prompting greater purchases and investments.12

The 1920s in the United States, known as the Roaring Twenties, exemplify an economic boom driven by advancements like electricity and mass production, particularly in the automobile industry. This era saw increased productivity, a rise in consumer culture with new appliances and advertising, and significant social changes. However, such booms can be unsustainable, and economic inequality was a factor contributing to the eventual collapse of the economy in 1929, marking the start of the Great Depression. When an economy experiences consecutive quarters of negative GDP growth, it is considered a recession or economic bust.34