WAEC Economics 2021 Theory — Question 24

Question 24 of 26 from the West African Examinations Council (WAEC) Economics 2021 Theory paper, with the correct answer and a full explanation.

8(a). Distinguish between domestic trade and external trade.

Model answer

Domestic trade is trade carried out within the borders of a single country/territory. External trade is trade that involves the exchange of goods and services between two or more countries.

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