What are three reasons why economy has boomed?

1. Technological innovation: The development and adoption of new technologies have helped businesses become more efficient and productive, leading to increased economic growth. For example, the development of the steam engine during the Industrial Revolution transformed the economy by allowing factories to mass-produce goods, while the advent of the Internet in the 20th century led to the boom of the information technology sector.

2. Globalization: The increasing interconnectedness of the global economy has allowed businesses to reach new markets, access cheaper sources of labor and materials, and benefit from economies of scale, all of which have contributed to economic growth. For example, the entry of China into the global economy in the late 20th century led to a significant increase in global trade and economic growth.

3. Entrepreneurship: The willingness of individuals to start their own businesses is a key driver of economic growth, as it leads to the creation of new jobs and businesses. For example, during the dot-com boom of the 1990s, thousands of entrepreneurs started technology companies, many of which grew into large corporations.