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Chapter 2: National Differences in Political, Economic and legal Systems…
Chapter 2: National Differences in Political, Economic and legal Systems and Culture
what is legal system?
- rules that regulate behaviour
- process by which laws are enforced
- where grievances' remedy is obtained
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Free trade
- situation where government does not try to influence thru quotas/ duties on what is bought or produced on sold overseas
- allows countries to specialise on what is predicted most efficiently
- import goods & services that produced efficiently overseas
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government policy can
- affect demand through product standards
- influence rivalry through regulation and antitrust laws
- impact the availability of highly educated workers and advanced transportation infrastructure