The term 'BOOM AND BUST' is used to describe the cyclical nature of economic growth and decline. It is a phrase that has been used since the late 19th century to refer to the alternating periods of economic expansion and contraction. During a BOOM, economic activity increases and businesses are more profitable. During a bust, economic activity slows down and businesses suffer losses. The phrase 'BOOM AND BUST' is often used to describe the economic cycles of a particular country or region.