WORLD HISTORY

Detailed explanation-1: -In the United States the fifteen-year economic expansion that began in 1982, now called “the long boom” by economists, is the greatest economic boom in history–and it is still going.

Detailed explanation-2: -Boom means the growth at the peak phases of the business cycle. It is also known as an upswing and a phase of development. Main economic measures will come up during a boom. An increase in the gross domestic product is seen, which measures the economic output of a country.

Detailed explanation-3: -Boom: this phase is also known as prosperity or peak. During this phase growth level is maximum. Income, demand, investments and profits are high. Recession: this phase comes after the phase of boom when economic activities have reached the highest level it is then followed by a slow down.

Detailed explanation-4: -A boom is characterized by a period of rapid economic growth whereas a period of relatively stagnated economic growth is a recession. These are measured in terms of the growth of the real GDP, which is inflation-adjusted.