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Are the concepts of demand for domestic goods and domestic demand for goods the same?
Asked by Lalit Singh(student) , on 29/6/10


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EXPERT ANSWER

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).

Posted by Bhawna Madaan(MeritNation Expert)on 29/6/10

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