2) Classify trade and write their meanings.
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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.
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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.
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