Globalization

As a result of globalization, nations with limited resources can access goods and knowledge that help [blank] raise their standards of living. Trade treaties, such as USMCA and the European Union (EU), lower or abolish 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 [blank] 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 [blank] exploit people as sources of cheap labor required to work under substandard conditions. There is also a trend toward the consolidation [blank] businesses in many industries, hurting locally owned businesses and damaging local economies.