An economic boom is a period of rapid economic expansion, characterized by high levels of economic growth, low unemployment, and rising asset prices. Booms are typically associated with periods of technological innovation, increased consumer spending, and expansionary monetary policy.

Economic booms can have a number of positive effects, including:

• Increased employment opportunities
• Higher wages
• Increased investment
• Rising asset prices
• Improved consumer confidence

However, booms can also lead to a number of negative effects, including:

• Inflation
• Asset bubbles
• Overcrowding in housing and other markets
• Increased inequality
• Environmental degradation

Economic booms are typically followed by economic busts, as the economy adjusts to a new, lower level of economic activity.