Question

Difference between international business and domestic business

Answer 1

DOMESTIC BUSINESS =

1. when it's economic transactions are conducted within geographical boundaries of countries
2. it is within country
3. it has quite low quality standards
4. it deals with single currency

INTERNATIONAL BUSINESS

1. engage in economic transaction with several countries in world
2. it is with whole countries
3. it is of quite high quality
4. it deals with multiple currency

...by nandini

Answer 2

Answer:

Domestic Business

Meaning: Domestic Business refers to business transactions within the geographical boundaries of a country.

Participants in Business: People/ organisations within the country can participate in business activities.

Scope of Market: The scope of market is limited to national boundaries of a country.

Currency used: Currency of domestic country is used.

Mode of Transport: Goods are transported by roadways or railways.

Nature of Consumer: Consumers are relatively homogenous in nature.

International Business

Meaning: International Business refers to business transactions beyond the geographical boundaries of a country.

Participants in Business: People/ organisations outside the country  can participate in business activities.

Scope of Market: The scope of market is very wide and extends beyond the boundaries of a country.

Currency used: Currencies of foreign countries are used.

Mode of Transport: Goods are transported by airways or waterways.

Nature of Consumer: Consumers are relatively heterogeneous in nature.