While ______ Are the Owners of the Given Business,______ Are

question 12

Multiple Choice

While ______ are the owners of the given business,______ are individuals or groups that have a vested interest in the business.

• A) employees; customers
• B) customers; employees
• C) shareholders; stakeholders
• D) employees; shareholders
• E) stakeholders; shareholders

---

Definitions:

Price of Leisure

The opportunity cost of leisure, represented by the wages foregone by choosing leisure time over work time.

Human Capital

The combined abilities, expertise, and non-physical assets of people that can generate economic benefits for the individuals, their employers, or the society.

Technological Progress

The improvement or development in technology which increases productivity and can lead to economic growth and improved living standards.

Backward-Bending

This term describes a situation where, beyond a certain point, higher wages actually lead to a decrease in labor supply because workers prefer leisure over additional work.