ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Domestic business involves those economic transactions that take place within the geographical boundaries of a country. International business involves those economic transactions that take place outside the geographical boundaries of a country. Buyer and Seller.

Detailed explanation-2: -The exchange of goods and services between countries and across borders is referred to as international trade. Domestic trade happens when this business is conducted inside of a country’s borders. There are many differences in international and domestic trade, but the basic principals are the same.

Detailed explanation-3: -International trade allows countries to expand their markets and access goods and services that otherwise may not have been available domestically. As a result of international trade, the market is more competitive. This ultimately results in more competitive pricing and brings a cheaper product home to the consumer.

Detailed explanation-4: -Domestic Business: Domestic business refers to the business where economic transactions are conducted within the geographical boundaries of one country.