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

The term that is informally used to describe a state of economic prosperity is "boom." During a boom, there is significant growth in economic activity, characterized by rising GDP, increased consumer confidence, higher employment rates, and an overall sense of optimism in the economy. This period is marked by robust investment, expansion of businesses, higher wages, and increased spending by consumers, contributing to a cycle of growth that can sustain itself for some time.

In contrast, terms like bust, recession, and depression refer to economic downturns. A bust indicates a rapid decline after a boom, while a recession signifies a period of economic decline lasting at least two consecutive quarters, characterized by falling GDP and rising unemployment. A depression is a more severe and prolonged economic downturn, often leading to high unemployment and significant declines in consumer spending and production. These terms highlight negative economic conditions, distinctly different from the positive implications associated with a boom.