Answer
The business cycle involves four phases, the peak, recession, trough and expansion.
They vary in duration hence no specific period for any cycle.
Let's take for instance, during the recession, consumers take the option of postponing the purchase of consumer durables such as phones, cars as when budget cuts are inevitable. But for non-durables like food, drinks, medical expenses, education they are least not likely to be postponed.
Work Step by Step
The business cycle involves four phases, the peak, recession, trough and expansion.
They vary in duration hence no specific period for any cycle.
Let's take for instance, during the recession, consumers take the option of postponing the purchase of consumer durables such as phones, cars as when budget cuts are inevitable. But for non-durables like food, drinks, medical expenses, education they are least not likely to be postponed.
