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What is a boom and bust?

What is a boom and bust? Here are some definitions.

Noun
  1. (economics) A pattern of high prices in a given market or in the entire economy followed by ruinously low prices, falling production, and bankruptcies by producers.
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Examples
Credit supply and demand moved in tandem before and during the crisis, reflecting a classic boom and bust cycle.
It is not rocket science to see how these processes feed unstable demand and self-reinforcing boom and bust dynamics.
It was Michigan's fortune and misfortune to be a center of one such boom and bust cycle at the very time it was achieving statehood.
Venture capital investments have slowed since the internet boom and bust in which many funders lost money.
Over five generations, family members have lived through the boom and bust cycles of life on the land.
The first examines some of the mechanisms of boom and bust cycles that have characterised Western economies for centuries.

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