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Differences Between International and Domestic Businesses ((International…
Differences Between International and Domestic Businesses
USA
Nigeria
International
The trade which occurs between two countries internationally, is called international business.
International Business refers to a business which is not restricted to a single country, i.e. a business which is engaged in the economic transaction with several countries in the world.
The area of operation of an international business is vast, i.e. it serves many countries at the same time.
The quality standards of international business are very high which are set according to global standards.
International business deals in the multiple currencies.
International business requires comparatively more capital investment as compared to international business.
International business is subject to rules, law taxation, tariff and quotas of many countries and therefore, it has to face many restrictions which are barriers in the international business.
International business wherein the nature of customers of every country it serves is different.
It is difficult to conduct business research as it is expensive and research reliability varies from country to country.
In international business, the mobility of factors of production are restricted.
Domestic
The trade which takes place within the geographical boundaries of the country is called domestic business.
Domestic Business is defined as the business whose economic transaction is conducted within the geographical limits of the country.
The area of operation of the domestic business is limited, which is the home country.
Domestic business deals in the currency of the country in which it operates.
Domestic Business requires comparatively less capital investment as compared to international business.
Domestic Business has few restrictions, as it is subject to rules, law taxation of a single country.
The nature of customers of a domestic business is more or less same.
Business Research can be conducted easily, in domestic business.
In domestic business, factors of production are mobile
The quality standards of products and services provided by a domestic business is relatively low.
Unemployment Rate - 7.300%
GDP per Capita $52,800 US
Life Expectancy 52.620 years
Unemployment Rate - 23.900%
GDP per capita - $2,800 US
Life Expectancy 52.620 years