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Practice Reading: Fill in the Blanks (Dropdown) ID: #37586 Globalization
Instructions
As  a  result  of  globalization,  nations  with  limited  resources  can  access  goods  and  knowledge  that  help  to    their  standards  of  living.  Trade  treaties,  such  as  USMCA  and  the  European  Union  (EU),  lower  or    tariffs  that  restrict  the  flow  of  products  across  borders.  Nations  with  rare  resources  or  specific  skills  are  able  to  focus  on  their  particular  business  or  commercial  strengths  and  sell  their  goods  to  a  global  market.  The  Economist  magazine  has  reported  that  one  billion  people  have  been  lifted  out  of  poverty  thanks  to  freer  trade  policies.  On  the  downside,  outsourcing  allows  businesses  to    people  as  sources  of  cheap  labor  required  to  work  under  substandard  conditions.  There  is  also  a  trend  toward  the    of  businesses  in  many  industries,  hurting  locally  owned  businesses  and  damaging  local  economies.

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