A 'Boom' refers to a period of significant economic growth characterized by increased production, employment, and consumer spending. During a boom, businesses thrive, investments rise, and overall economic confidence is high, often leading to a cycle of prosperity. This phase can be driven by various factors, including technological advancements and favorable government policies. However, a boom can also lead to inflation and market imbalances if growth is not sustainable. Eventually, these periods may be followed by a downturn or recession, making it crucial for policymakers to manage economic cycles effectively. Economic Cycle plays a vital role in understanding these fluctuations.