Difference Between Domestic Trade and International Trade
Posted inDifference Between

Difference Between Domestic Trade and International Trade

Domestic trade refers to the actions of exchange of goods, both goods and services, between buyers and sellers residing in the same locality, region or nation while International trade is defined as all that economic activity in which people or companies from different countries carry out an exchange of products or services.
National Income: Definition, Uses & Limitations
Posted inGovernment & Politics

National Income: Definition, Uses, Problems & Limitations

National income is the monetary value of all goods and services produced in a country in a year or the totality of income accruable to all factors of production employed in producing goods and services in the year in the country such as wages, salaries, rents, interests and profits. It is equal to NNP - Indirect Business Taxes.
Organization of Petroleum Exporting Countries (OPEC)
Posted inEconomics

Organization of Petroleum Exporting Countries (OPEC)

OPEC was established in Baghdad, Iraq in September 1960. Like many other international organizations, OPEC was formed by a few founding members, namely, Iran, Iraq, Kuwait, Saudi Arabia and Venezeula. In the 1960s, five more countries became members: Qatar (1961), Indonesia (1962), Libya (1962), Abu Dhabi (1967) and Algeria (1969). In 1974, the United Arab Emirates of which Abu Dhabi was the dominant member took Abu Dhabi’s place.