DIFFERENCES BETWEEN DOMESTIC TRADE AND INTERNATIONAL TRADE Domestic trade is also known as internal trade. It involves the exchange of goods and services within the national boundary. International trade is also known as foreign trade or external trade and it involves the exchange of goods and services … Read more
Balance of payments can be defined as the systematic record or summary statement of accounts of all the major economic or trading transactions between a reporting country and the rest of the world, during a specific period, usually one year. Balance of payments is a summary of receipts (income) and payments (expenditure) of a country in the … Read more
Banks are financial institutions that are licensed to accept deposits and loans. Banks may also offer financial services such as wealth management, currency exchange, and safe deposit boxes. There are different types of banks, including Development banks, Commercial bank, Merchant banks, and Mortgage banks etc. In most countries, banks are regulated by the national government … Read more
MEANING OF INFLATION Inflation refers to a persistent and sustainable rise in the general price level. A general phenomenon during a period of inflation is the continuous fall of the value of money in the economy. PRICE … Read more
Definition of Industry and Industrialization Industry: The term industry refers to a group of firms that produce broadly similar goods or offer broadly similar services e.g. all the firms producing cement belongs to the cement industry. The firm on the other hand refers to an independently administered business unit that carries out production, construction, or distribution … Read more
