Domestic market
Topic: Markets, Equilibrium and Government Intervention · NCERT: Class 7, Ch 12 "Understanding Markets"
Meaning
A domestic market is a market where goods and services are bought and sold inside the borders of one country. Both the buyer and the seller are in the same country. It is one way of sorting markets by boundary. The other type is the international market, where goods cross borders.
Example
The paper for an NCERT textbook is bought from paper mills in India, so it is traded in the domestic market.
Don't confuse with
- International market: trade across borders, through exports and imports. India was the world's largest importer of vegetable oils in 2024, and most of its palm oil comes from Malaysia, Indonesia and Thailand.