media have made people more aware of what is available in the rest of the world.

18. Competition from firms with better or cheaper products can reduce a business’s profits, and may drive it

out of business. Workers would similarly lose income or even their jobs.

19. Consumers get better or less expensive products. Businesses with the better or cheaper products increase

their profits. Employees of those businesses earn more income. On balance, the gains outweigh the losses

to a nation.

Access for free at openstax.org
References 567

REFERENCES

Welcome to Economics!

Bureau of Labor Statistics, U.S. Department of Labor. 2015. "The Employment Situation—February 2015."

Accessed March 27, 2015. http://www.bls.gov/news.release/pdf/empsit.pdf.

Williamson, Lisa. “US Labor Market in 2012.” Bureau of Labor Statistics. Accessed December 1, 2013.

http://www.bls.gov/opub/mlr/2013/03/art1full.pdf.

The Heritage Foundation. 2015. "2015 Index of Economic Freedom." Accessed March 11, 2015.
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