What are the similarities and differences between the four systems of law that serve as the basis for the world's legal systems? How do domestic laws affect international businesses?

What will be an ideal response?

The four types of laws are common law, civil law, religious law, and bureaucratic law. Common law is based on judges' decisions on cases through history. The decisions create legal precedents. Civil law is based on codification of what is and is not allowed. Religious law is based on the faith and practice of a particular religion. Bureaucratic law is whatever the country's bureaucrats say it is. A domestic firm must follow the laws and customs of its home country. An international business faces a more complex task: It must obey the laws not only of its home country but also the laws of all the host countries in which it operates. Both home and host country laws can critically affect the way international firms conduct their business. These laws determine the markets firms may serve, the prices they can charge for their goods, and the cost of necessary inputs such as labor, raw materials, and technology. The laws may also affect the location of economic activity.