Question

Economic importance of domestic trade

Answer 1

Answer:

The importance of domestic trade in a country is that it facilitates exchange of goods within the country. By doing this it also makes sure that factors of production reach to the right places so that the economy of the country can grow. By allowing all different types of goods and services to reach to all parts of the country it improves the standard of living of the residents of the country as well as the employment rate of the country. And it helps the growth of an industry by ensuring the availability of raw materials.

Explanation:

Traders from outside the country will have to come in contact with internal traders, because it is not easy to come directly into another country and get the required products. Compared to the international trades, the domestic trades are less costly and risky.

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Answer 2

Answer:

Domestic trade is significant because it permits the interchange of products within a country. This also ensures that manufacturing elements reach the appropriate locations, allowing the country's economy to expand.