Two functions on finitely additive probability spaces that behave well under products are introduced: discrepancy, which measures how close one space comes to extending another, and bi-discrepancy, which is a pseudo-metric on the collection of all spaces on a given set, and a metric on the collection of complete spaces. These are then applied to show that the Loeb space of the internal product of two internal finitely additive probability spaces depends only on the Loeb spaces of the two original internal spaces. Thus the notion of a Loeb product of two Loeb spaces is well defined. The Loeb operation induces an isometry from the nonstandard hull of the space of internal probability spaces on a given set to the space of Loeb spaces on that set, with the metric of bi-discrepancy.