Business Studies · Ch 10 — Internal Trade

Key Terms

Internal trade — buying and selling of goods and services within the boundaries of a nation, with no customs or import duty.
Wholesale trade — purchase and sale of goods and services in large quantities for resale or intermediate use.
Retail trade — sale of goods and services in relatively small quantities directly to ultimate consumers.
Wholesalers — traders who buy in bulk from manufacturers and sell in smaller lots to retailers and other users, linking producers and retailers.
Retailers — business enterprises that sell goods and services directly to final consumers for personal use.
Itinerant retailers — small traders with no fixed place of business who move about in search of customers.
Market traders — small retailers who open shops at fixed places on fixed days/dates, serving lower-income customers with cheap daily-use goods.
Cheap jacks — petty retailers with temporary independent shops who shift from one locality to another.
Speciality stores — shops that specialise in a single line of products, offering wide choice within it.
Departmental stores — large stores selling a wide variety of goods organised into departments, under one roof.
Chain stores (multiple shops) — networks of similar retail shops owned by manufacturers or intermediaries, selling standardised branded goods. …