Chapter 10: Foreign Trade of India Q.3. Distinguish between the following: 1. Internal trade and International trade

Balbharati solutions for Economics HSC 12th Standard Maharashtra State Board 

 

Chapter 10: Foreign Trade of India

Q.3. Distinguish between the following:

1. Internal trade and International trade.

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

Only one country is involved.

Minimum Two countries are involved.

Currency

Payments are made and received in-home currency only.

Payment is made and received in mutually agreed foreign currency only.

Risk

Less degree of risk is involved

High degree of risk is involved, 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.

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