Question

Using specific references from this lesson, compose one paragraph arguing whether international competition is a benefit or a strain on the US economy.

Answer 1

International competition has advantages and disadvantages, but it has more benefits than drawbacks for our economy. International competition reduces the cost of goods produced because of cheaper labor in foreign countries. This means lower costs for consumers. International competition mostly reduces job opportunities for unskilled labor. So, people are more willing to pursue higher education or training that will enable them to get skilled jobs. Skilled jobs earn higher wages than unskilled jobs. This increase in wages leads to improvement in the overall standard of living as well as economic growth.

Answer 2

International competition benefits the consumers.International competition is a benefit to The USA and any other free market economy. This is because it ensures that local companies do not exploit the population through oligopolistic and monopolistic tendencies, as international products have a habit of being cheaper and affordable,due ti better production efficiencies and subsidies.