The Government of Filvia Has Mandated That the Standard Minimum

question 60

Multiple Choice

The government of Filvia has mandated that the standard minimum wage in the country be increased to $8,000 per year.This has ensured that all firms in the country pay their employees at least $8,000 per year,which has brought about a higher standard of living for the people of Filvia.Which of the following factors in a firm's general environment does this mandate best indicate?

• A) ecological factors
• B) sociocultural factors
• C) technological factors
• D) legal factors

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Definitions:

External Issues

Problems or challenges originating outside an organization that can affect its performance and strategic direction.

Customer Perspective

An approach to business that concentrates on understanding and addressing the needs and expectations of customers.

Firm's Characteristics

Specific attributes or qualities that define and differentiate an organization, including its size, scope, resources, capabilities, and culture.

Diversification

The process of a business expanding its operations or investment portfolio across new markets, products, or services to reduce risk.