As the Only Son, Ed's Father Expected to One Day

question 31

Multiple Choice

As the only son, Ed's father expected to one day turn over management of the business to him despite Ed's protests that he wanted no part of it.Following graduation from college, Ed realised he did not want his father to let some outsider take over the business.Ed's commitment is based on:

• A)family control.
• B)identification with the business.
• C)binding social ties.
• D)emotional attachment.
• E) renewal of family bonds.

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Definitions:

Given Up

The cost of forgoing the next best alternative when making a decision, also known as opportunity cost.

Looking For Work

The activity engaged in by individuals who are seeking employment, often considered a measure of labor market activity.

Business Cycle

The fluctuations in economic activity that an economy experiences over a period of time, consisting of expansions, or periods of growth, and contractions, or periods of decline.

Business Cycle Peaks

The points in time at which an economy transitions from an expansion to a recession, marking the highest point of economic activity before downturn.