The External Environment Is Composed of Two Layers: the ____________________

question 177

Short Answer

The external environment is composed of two layers: the ____________________ environment and the ____________________ environment.
or

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Definitions:

Utilitarian Argument

A principle in ethics and economics that advocates for actions that maximize happiness or well-being for the largest number of people.

Minimum Wage Law

Legislation establishing the lowest hourly rate that employers can legally pay their employees.

Income Distribution

The way in which a country's total economic output is divided among its population, or the share of national income earned by each quintile or group of the population.

Bottom Fifth

A term often used in income distribution to refer to the lowest 20% of income earners in a given population.