Meaning of the word "good time" in English

What does "good time" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

good time

US /ɡʊd taɪm/
UK /ɡʊd taɪm/

Phrase

an enjoyable or amusing experience

Example:
We had a really good time at the party last night.
I hope you have a good time on your vacation.