IDCC - The Influence of Diverse Cultures and Customs (Module Overview)

Introduction

With an ever-changing economy, businesses continue to expand with an international focus and with overseas operations. The global marketplace is becoming increasingly accessible to small and large businesses alike. In a global economy, understanding cultural differences is critical for the success of a business. An inappropriate gesture or inappropriate use of body language could cause a business deal to fall apart. It is very important for managers and staff to understand cultural diversity as well as the laws and customs that relate to international dealings. In this module, we will focus on: the impact of cultural differences when making business decisions; the impact and applications of law and customs on business operations; the role of the United Nations Commission on International Trade Law; and, the role of the World Trade Organization.

Key Terms

1. Culture – the attitudes, customs, and beliefs that distinguishes one group of people from another
2. Diversity – the inclusion of individuals representing more than one national origin, color, religion, socioeconomics, sexual orientation, etc.
3. Custom – a traditional and widely accepted way of behaving
4. Customs – duties levied by a government on imported goods
5. United Nations – an intergovernmental organization whose focus is to promote international cooperation and to create and maintain international order
6. UNICTRAL – the United Nations Commission on International Trade Law – core legal body of United Nations system in the field of international trade
7. World Trade Organization – international organization that deals with the global rules of trade between nations
8. Tariff – a tax or duty to be paid on imports and exports
9. Negotiation – a discussion with the purpose of reaching an agreement
10. Procurement – the act of obtaining or buying goods and services
11. Public procurement – the process which governments follow to purchase goods and services from companies
12. Insolvency Law – deals with situations where a debtor is unable to pay his, her, or its debts
13. Uniform Commercial Law – set of laws governing commercial transactions between U. S. states and territories
14. Electronic Commerce – the process of buying or selling products and services online or over the Internet
15. Transactions – an act of buying or selling something
16. International – business carried on between two or more nations
17. Trade – the action of buying and selling goods and services

Module Lessons Preview

In this module, we will study the following topics:

The Impact of Cultural Differences when Making Decisions
Did you know that words, expressions, and greetings mean different things to different cultures? In this lesson, we will take a further look into cultural differences and how these differences may impact business decisions.

The Role of the U.N. Commission on International Law
In this lesson, we will look at the makeup and overall elements of UNICTRAL.

The Role of the World Trade Organization
In this lesson, we will take a brief look into what the World Trade Organization (WTO) is all about.

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