What term describes the economic state characterized by rising demand and increased production?

The term that describes the economic state characterized by rising demand and increased production is "Expansion." During this phase of the economic cycle, overall economic activity is growing. This growth is often reflected in increased consumer spending, higher levels of production, and improvements in employment rates. Businesses expand their operations to meet the rising consumer demand, leading to greater investments in resources, workforce, and infrastructure. This positive momentum typically results in enhanced economic confidence, fueling further consumer and business spending.

In contrast, terms like recession, recovery, and trough refer to different phases in the economic cycle. A recession indicates a decline in economic activity, while recovery represents a phase following a downturn where the economy starts to improve but has not yet reached its full potential. A trough denotes the lowest point of the economic cycle before recovery begins. Understanding these terms is crucial for interpreting economic indicators and analyzing market trends within the hotel and lodging management sector.