What term is used to informally describe a state of economic prosperity?

The term that informally describes a state of economic prosperity is "boom." A boom refers to a period of significant increase in economic activity, characterized by rising GDP, low unemployment rates, and thriving business ventures. During a boom, consumer confidence typically rises, leading to increased spending and investment. This positive economic environment contrasts sharply with terms like recession or depression, which describe periods of economic decline and hardship.

Recognizing the characteristics of a boom helps differentiate it from downturns in the economy. The terminology used can often reflect the general sentiment about economic health, making "boom" synonymous with thriving economic conditions. Understanding this concept is fundamental in analyzing economic cycles and the impacts on society.