Local or Foreign Preference

Economics is the study of how people allocate limited resources to satisfy unlimited wants (Miller, 2012). It involves efficient and effective managing of scarce resources to obtain desirable results. By applying economics, industries tend to be conscious of the quality of their outputs and products and how these items are offered in the market. Local brands are brands marketed exclusively in one country while foreign brands are marketed all over the world. Nowadays, small and medium-scale businesses continue to thrive in the country. This is evident by the emerging and continuous existence of exhibits especially during the holiday season that allow local sellers to market and make known their locally-made products. These exhibits have a good outlet to showcase their local products with potential to gain entry to foreign market. Filipino customers have learned to love these products by patronizing them over foreign goods. Small and medium-scale businesses benefit from the use of local products over foreign products by De La Salle University students.

At present, De La Salle University students have become socially aware of the use or consumption of local products like shirts from Bench, People Are People, Human, Folded and Hung and Penshoppe. With this, students may not know that by using these local products they actually contribute to the growth of economy and development of small and medium-scale industries in the Philippines. Moreover, businesses grow with competition against other local businesses and foreign businesses. Danske Bank stated that exporting is a key factor for exporters to be more competitive and to increase the opportunities to sign a contract with other businesses. Also, Omar (2009) noted that exporting is a common market entry approach towards a mature international country. These competitions help with the growth and development of a business; hence, the effects are the business tends to be more efficient and produce more innovations and...