An economic boom is a period of significant growth in a country's economy, characterized by increased production, higher employment rates, and rising consumer spending. During a boom, businesses often expand, investments rise, and overall economic activity accelerates. This phase can lead to improved living standards and greater confidence among consumers and investors. However, economic booms can also lead to challenges, such as inflation, where prices rise due to increased demand. Policymakers, including central banks like the Federal Reserve, may need to implement measures to manage growth and prevent overheating of the economy, ensuring stability in the long term.