Final answer:
The first law of business for gaining a competitive advantage involves taking care of customers and employees. Focusing on these two aspects can lead to better business performance and contribute positively to the national economy.
Step-by-step explanation:
In seeking competitive advantage, the first law of business is to take care of the customer and take care of your employees. Competition from firms with better or cheaper products can threaten a business's profitability, potentially leading to its downturn and loss of jobs. Thus, it's crucial for a business to focus on providing better or less expensive products to attract and retain consumers, which in turn increases profits and secures employee income.
Moreover, if you treat your manager as an important internal customer by offering exceptional service, you can not only receive positive feedback but also find advancement opportunities and greater job satisfaction. Ultimately, the gains from businesses excelling in these areas usually outweigh the losses to a nation's economy, highlighting the importance of customer and employee satisfaction in achieving a competitive edge.