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Lalit Singh from GENERAL RAJ'S SCHOOL, asked a question
Subject: Economics , asked on 29/6/10

Are the concepts of demand for domestic goods and domestic demand for goods the same?

EXPERT ANSWER

Bhawna Madaan , Meritnation Expert added an answer, on 29/6/10

In a closed economy, the demand for domestic goods and domestic demand for goods are similar terms. However, in an open economy, these two terms have different meanings. Demand for domestic goods includes both domestic and foreign demand for domestic goods. Whereas, domestic demand for goods refers to the domestic market demand of a country, that is either produced domestically or abroad (foreign countries).

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