Answer
Four phases of business cycles are Recession, Trough, Peak, Expansion. Business cycles vary in duration and intensity. Because capital goods industries because firms will choose to postpone purchase of capital goods and make do with old equipment. People find it difficult to cut back on needed medical and legal services. Food and clothing are also things that are difficult to postpone.
Work Step by Step
Four phases of business cycles are Recession, Trough, Peak, Expansion. Business cycles vary in duration and intensity. Because capital goods industries because firms will choose to postpone purchase of capital goods and make do with old equipment. People find it difficult to cut back on needed medical and legal services. Food and clothing are also things that are difficult to postpone.
