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DOMESTIC AND INTERNATIONAL TRADE
CONTENT
- Meaning of Domestic Trade
- Meaning of International Trade
- Similarities between International Trade and Internal Trade
- Differences between International Trade and Internal (domestic) Trade
- Reasons/Basis for International Trade
- Barriers to International Trade
- Advantages or Merits of International Trade
- Disadvantages or Demerits of International Trade
- The Principle of Comparative Cost Advantage
Meaning of Domestic Trade
Domestic or internal trade or home trade involve the exchange of goods and services among the residents of country. It includes all trading/selling and buying activities of all types within a particular country e.g. Nigeria.
Meaning of International Trade
International trade or external trade or foreign trade involves the exchange of goods and services between two or more countries. It is trade among nation. E.g. between Nigeria and other countries. People firms, government and agencies exchange goods and services across international boundaries.
International trade can be:
- Bilateral-trade involving exchange of goods and services among two countries.
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ClassHall Instructor
Halima Ahmadu
Maryam