Final answer:
Time perceived as integral and influential over socio-economic aspects is often termed 'time is money,' while cultures that prioritize relationships over schedules operate on a 'polychronic time' basis.
Step-by-step explanation:
When time is an integral part of societal norms, emphasizing efficiency and schedule adherence, this is known as time is money. In cultures where time operates under this principle, it is common to schedule activities and value punctuality. On the other hand, when time does not interfere with relationships and elements of happiness and people may prioritize these over strict adherence to schedules, this is known as polychronic time. Polychronic cultures are more flexible regarding time and often focus on interpersonal relationships rather than a strict adherence to the clock or calendar. Such cultural differences in time perception have significant implications for understanding international relations, business practices, and interpersonal communication across different societies.