Question

How do international business differ from domestic business?

Answer 1

The exchange of goods and services among individuals and businesses in multiple countries. ... - Domestic business refers to trade transactions within a nation's borders. This means that the trader deals only with local currency, customs, and regulation.

Answer 2

Answer:

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.

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.