Define Genotype and Phenotype, Explain the Impact of Both on an Individual's

question 4

Essay

Define genotype and phenotype, explain the impact of both on an individual's traits, and give an example of each.

---

Definitions:

Externality

A side effect or consequence of an economic activity that affects other parties without this being reflected in the cost of the goods or services involved.

Compensation

A broad term referring to the combination of salaries, wages, benefits, and other forms of value provided to employees for their services.

Private Bargaining

The process through which individual parties negotiate terms and conditions exclusively among themselves without the intervention of external regulations.

Efficient Outcome

An optimal allocation of resources that results in the highest possible satisfaction or utility with the least waste or inefficiency.