What is the difference between global trade and domestic trade?

Understand the Problem

The question is asking for the distinctions between global trade and domestic trade, focusing on their definitions, scopes, and key differences.

Answer

Global trade involves exchange between countries; domestic trade occurs within a single country.

The final answer is: Global trade involves the exchange of goods, services, and resources between countries, whereas domestic trade occurs within a single country.

Answer for screen readers

The final answer is: Global trade involves the exchange of goods, services, and resources between countries, whereas domestic trade occurs within a single country.

More Information

Domestic trade is generally simpler due to legal and cultural uniformity, while global trade can face varied regulations and cultural differences.

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