What is an economic boom and an economic bust?

An economic boom is when buyers find themselves paying more and more of products. They will most likely be earning more money to be able to fund these consumer goods. Then when the prices are too high and when people cannot afford to buy the things they need there is an economic bust. Busts may be caused by many things. In the USA in 1929 the bust was caused by over production and the wall street crash. For further reading follow the link below.