Answer:
Domestic business is defined as the business whose economic transaction is conducted within the geographical limits of the country. Global business is defined as corporate or economic activity that takes place across different countries. When a company has factories and distributors in the U.S., Europe and Asia, this is an example of global 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.
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Answer:
Define the terms domestic business, global business and international business. Explain how they are different.
Domestic business entails the type of business done or carried out locally within ones country or state, it could be an inter state within a country or it could be within a state in a country e.g sales of food in Florida. While Global business entails the type of business that is done or carried out all over the globe, this involves products that goes viral e.g sales of crude oil or mobile phones is a global business. Meanwhile, International business has to do with type of business carried out between few countries of the world e.g sales of cashew from Nigeria to neighboring countries abroad.
Explanation:
What differentiate each other is the coverage of each business, domestic business has little coverage as it is meant to meet local needs while global business has to do with the peak coverage as it is accepted globally, e.g sales of crude oil is a global business as it involves many countries of the world. There are oil producing countries and they make sales to the rest of the world. International business deals with goods and services exchabge by few countries dealing with one another in business
