Question

2) Classify trade and write their meanings.
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Answer 1

Answer:

Internal trade can also be classified as : (a) Local Trade, (b) State Trade, (c) Inter-State Trade. External Trade : Whenever trade occurs between two countries, it is known as external trade. In foreign trade, both buyer and seller live in different countries.

Answer 2

Answer:

There are two types of trade -:

(1) Internal trade

(2) External trade

Internal trade -: Internal trade is done within the geographical boundaries of a country . As an example , trade done amongst traders of delhi, mumbai , chennai and kanpur is called internal trade.

External trade-:Whenever the trade takes between two countries , it is known as External trade . In this both seller and byer live in different countries.