Final answer:
In international operations, the economic environment includes factors like exchange rates, infrastructure, and resource development, but not cultural norms, which are part of the socio-cultural environment.
Step-by-step explanation:
In international operations, the economic environment encompasses a variety of factors that affect the conduct and performance of businesses globally. Three of the factors listed in the question are indeed part of the economic environment: exchange rates, infrastructure, and resource development.
However, cultural norms do not fall under the economic environment; rather, they are part of the socio-cultural environment which deals with the beliefs, behaviors, and values within a society that can impact international business practices but are not economic in nature.
The economic environment in international operations represents all factors except cultural norms. The economic environment includes factors such as exchange rates, which determine the value of one currency in relation to another and can have a significant impact on international trade.
Infrastructure, such as roads and ports, is also an important factor as it affects the efficiency of transportation and logistics in global business operations.