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Business
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| Number of pages / Number of words: |
2 / 557 |
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has a greater competitive edge. Purchasing imported steel from other countries allows them to spend more on U.S. products such as chemicals, wheat, machine tools, computer software and other goods or services, thus creating new jobs and opportunities for growth in various export sectors.
Competition is essential for economic growth since it provides an incentive for the domestic producers to be innovative and employ more efficient production methods...
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However, trade restrictions limit the exposure to international competition and lead to inefficient allocation of resources, declining productivity and higher production costs. Therefore, the absence of foreign competition stifles economic growth and advancement, making the domestic producers less efficient and reliable...
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