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Distinguish between Internal trade and International trade. - Economics

Distinguish Between

Distinguish between Internal trade and International trade.

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Solution

Basis Internal trade International trade
Meaning Internal trade refers to the buying and selling of goods within the geographical limits of a country. International trade refers to the buying and selling of goods beyond the geographical limits of a country.
Countries Involved Internal trade is involved in only one country. International trade is involved minimum of two countries.
Currency Payments are made and received in-home currency only. Payment is made and received in mutually agreed foreign currency only.
Risk Internal trade is involved in less degree of risk. International trade is involved high degree of risk, such as transit risk, risk of fluctuation of currency and demand, etc.
Government Restrictions Internal trade is not restricted, except on a few goods. International trade is strictly monitored by the government and prior approval is required before international transactions.
Concept: Internal Trade
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APPEARS IN

Balbharati Economics 12th Standard HSC Maharashtra State Board
Chapter 10 Foreign Trade of India
Exercise | Q 3. (1) | Page 98
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