IPA: /ˈpiːstaɪm/
KK: /ˈpiːstaɪm/
A period when a country is not involved in any wars or conflicts.
During peacetime, the government focuses on improving education and healthcare.
Peacetime is formed from "peace" (from Old French *pais*, meaning tranquility or absence of war) and "time" (from Old English *tima*, meaning a period or duration). The word refers to a period of tranquility or absence of conflict.
Think of a time when there is 'tranquility' ('peace') and no conflict — that's what peacetime means.
No commonly confused words.