Steve leads the administrative department of Mayo Pvt. Ltd. He encourages people to perform to their maximum potential by providing support and regular feedback. He ensures that the opinions of his team members are considered before a decision is taken. He does not believe in rigidity and inviolate procedures. In the context of the given scenario, Steve holds that

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.