What do economists mean by a “bubble”?

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What do economists mean by a “bubble”?

1. What do economists mean by a “bubble”? Why do many economists believe that there was a housing bubble in the United States between 2000 and 2005?
2. By the 2000s, what significant changes had taken place in the mortgage market? What is a “subprime” borrower? What is an “Alt-A” borrower?

What do economists mean by a “bubble”?

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