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Determinants of culture - Coggle Diagram
Determinants of culture
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Economic Systems
Market economy: all productive activities are privately owned, as opposed to being owned by the state. The goods and services that a country produces are not planned by anyone. Production is determined by the interaction of supply and demand and signaled to producers through the price system
Command Economy: Governments plans the goods and services that a country produces, including quantities and prices. The objective of a command economy is for government to allocate resources for “the good of society
Mixed Economy: certain sectors of the economy are left to private ownership and free market mechanisms, while other sectors have significant state ownership and government planning.
Legal System
Refers to the rules, or laws, that regulate behavior along with the processes by which the laws are enforced and through which redress for grievances is obtained.
Different legal systems
differences in legal systems can affect the attractiveness of a country as an investment site or market.
Common Law - based on tradition, precedent, and custom
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Differences in culture
Definition: Culture as a system of values and norms that are shared among a group of people and that when taken together constitute a design for living
Values: Ideas about what a group believes to be good, right and desirable
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