Give the difference between domestic business and international business.

Domestic Business :
Basis of differences :
1. Nationality of Buyers and Sellers : People or organisations from one national participate in domestic business transactions.
2. Nationality of other stakeholders : Various other stakeholders such as suppliers, employees, middlemen, shareholders and partners are usually citizens of same country.
3. Mobility of factors of production : The degree of mobility of factors of production like labour and capital is relatively more within a country.
4. Customer heterogeneity across markets : Domestic markets are relatively more homogeneous in nature.
5. Differences in business systems and practices : Business systems and practices are relatively more homogeneous within a country.
 
6. Political system and risks : Domestic business is subject to political system and risks of one single country.
7. Business regulations and policies : Domestic business is subject to rules, laws and policies, taxation system, etc., of a single country.
8. Currency used in business transactions : Currency of domestic country is used.
International Business :
Basis of differences :
1. Nationality of Buyers and Sellers : People or organisations having nationalities of different countries participate in the international business transactions.
2. Nationality of other stakeholders : Various other stakeholders such as suppliers, employees, middlemen, shareholders and partners are from different nations.
3. Mobility of factors of production : The degree of mobility of factors of production like labour and capital across nation is relatively less.
4. Customer heterogeneity across markets : International markets lack homogeneity due to differences in language, preferences, customs, etc., across markets.
5. Differences in business systems and practices : Business systems and practices vary considerably across countries.
6. Political system and risks : Different countries have different forms of political systems and different degrees of risks which often become a barrier to international business.
7. Business regulations and policies : International business transactions are subject to rules, laws and policies, tariffs and quotas, etc. of multiple countries.
8. Currency used in business transactions : nternational business transactions involve use of currencies of more than one country.