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- A boom is a period of rapid economic expansion resulting in higher GDP, lower unemployment, a higher inflation rate and rising asset prices123. During a boom, key economic indicators will rise, including23:
- Gross domestic product (GDP)
- Productivity
- Business sales
- Profits
- Business and family incomes
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.A boom is a period of rapid economic expansion resulting in higher GDP, lower unemployment, a higher inflation rate and rising asset prices. Booms usually suggest the economy is overheating creating a positive output gap and inflationary pressures.www.economicshelp.org/blog/glossary/booms/During a boom, key economic indicators will rise. Gross domestic product (GDP), which measures a nation's economic output, increases. So does productivity since the same number of workers creates more goods and services. Business sales increase, driving up profits and as a result, business and family incomes.www.thebalancemoney.com/economic-boom-4067…Common Traits of Boom Economies
- High Gross Domestic Product (GDP): During a boom phase, the GDP, which is the total value of all goods and services produced, tends to increase substantially.
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