Chapter 3, 3.5

Differences among cultures in language, attitudes, and values

• International customs

• Sociocultural differences

• Cultural lifestyles

• Personal choices

Match the following

• Embargo

• A complete ban on international trade of a certain item, or a total halt in trade with a particular nation

• Quotas

• Limitations on the amount of specific products that may be imported from certain countries during a given time period

• Tariffs

• Taxes levied against imports

Infrastructure is a(n) _______________ difference

• political and legal

• economic

• trade restriction

Two major issues related to laws and regulations when doing business in a foreign country center around the topics of

• bribery and corruption

• corruption and crime

• bribery and theft

• corruption and economic philosophy

Bonus: Some argue that trade restrictions need to be applied to protect domestic industry, while others argue for the elimination of trade restrictions to reduce prices and increase choices for consumers by encouraging competition from around the world. These opposing views are known as:

• Protectionism

• Conflicting political philosophies

• International Trade Opinions

• International Trade Philosophies