Have you looked lately at the labels on most consumer products? The words "Made in China" are there more often than not. It seems like everything from the clothes we wear to the office supplies we buy comes from China these days.

With a population of 1.3 billion, good materials, an extraordinary work ethic and a standard of living way below ours - average wages are $2.38 per day for a 12-hour day - they can produce products at a far lower cost than in the United States. And the legal system is . well, let's just say it is much different from ours. From an entrepreneurial perspective, there isn't the constant threat of frivolous lawsuits or large liability awards.

All of this makes it difficult for the American entrepreneur to compete, especially when it comes to mass-produced consumer products.

For example, go into one of the local All-A-Dollar stores and you can buy a pair of reading glasses for - what else? - a dollar. Look at them closely. They are made with sturdy steel frames, ground lenses, plastic nose pieces and metal hinges. They look for all the world like similar domestically produced reading glasses for sale for $15 or more in other stores.

It is almost unbelievable that they can be produced in China, shipped to the United States, marked up with a small profit margin and then sold retail for a dollar. Any U.S. manufacturer would say that they can't even come close to manufacturing reading glasses for the retail price available at All-A-Dollar.

Oh, and in case you're wondering why I'm suddenly so interested in reading glasses, let's just say that necessity can be the mother of investigation as well as invention.

Consumers in the United States and other areas of the world are beneficiaries of the low wages and reduced cost of materials in China. Can an American entrepreneur compete with mass-produced products of their own design? Only if they have them produced overseas, primarily in China.

How long will this market imbalance last? No one knows for sure. You have to believe that eventually things will even out between Chinese manufacturing and the rest of the world. Historically, that is what usually happens. But for now, Americans and others can buy quality Chinese products at low prices.

This is a great short-term proposition for American consumers, who are getting some terrific deals on good products. But it makes it difficult for American entrepreneurs to compete in certain markets over the long haul. And that kind of international entrepreneurial imbalance can be harmful to everyone in terms of lost jobs, unpaid taxes, reduced capital expenditures and diminished revenue.

Any entrepreneur starting a manufacturing company with products that compete with similar products from China might want to see if it is easier to just import rather than to try to manufacture competitively. In the current economic climate, it may be easier to join them than to beat them - especially if you are thinking about getting into the eyeglass manufacturing business.