Final answer:
The Florida land boom in the 1920s was a period of rapid economic growth and real estate development in Florida, characterized by soaring land prices, speculation, and construction. However, it ultimately ended in a bust due to various factors, including over-speculation and the Great Depression.
Step-by-step explanation:
The Florida land boom was a period of rapid economic growth and development in Florida during the 1920s. The word 'boom' in an economic context typically refers to a period of rapid expansion, often involving significant increases in investment, construction, and speculation.
During the Florida land boom, there was a surge in real estate development and speculation. Land prices soared, and people from all over the country flocked to Florida to buy land in the hope of making quick profits. Large-scale construction projects, such as hotels and residential buildings, were also common during this time.
However, the Florida land boom eventually collapsed due to various factors, including over-speculation, fraudulent practices, and the onset of the Great Depression. Many people lost their investments, and the boom turned into a bust, leading to a severe economic downturn in the state.
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