Trade and Its Global Effect - Reading Comprehension
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Trade and Its Global Effect Reading Comprehension
Trade and Its Global Effect reading comprehension (sample is shown below)
Trade and Its Global Effect
By Cindy Campbell
1 McLak. McTikki Burger. Maharaja Macs. Do any of these menu items sound familiar to you? Unless you have visited Norway or India, probably not. If you travel the world, you are likely to find a McDonalds's restaurant wherever you go. There are about 24,500 of them in 115 countries. Not only do American products turn up in foreign countries, but also foreign products are found here in the U.S. If you wear Nike shoes or clothes, you are part of the process called globalization—a term used to explain how our world is coming together. Trade with other nations is the main cause and effect of escalating globality. Let's find out what that means.
2 McCaveburger, anyone? No, McDonald's hasn't been around for thousands of years, but trade has. Before money, people traded goods and services for other goods and services. This is called bartering. This type of trading could only be done face-to-face. This is similar to your trading one football card or marble to a friend who has something you want. If you make the trade, you have just bartered. Over the centuries, distances between people who want to trade have expanded, so this type of trading is no longer reasonable.
3 Trade is defined as the exchange of goods and services for other goods and services or money. To send goods and/or services out of an area is to export. To bring these things in is to import. Why would people who live on one part of the globe want to trade with others who are half a world away? After all, these traders may not speak the same language. It may be difficult to get the products back and forth.
4 Exporting is done for several reasons. When there is too much of a product and it can't be consumed where it is made, it makes sense to sell it somewhere else. Perhaps the producer can make more money by selling it elsewhere. By making more than what is needed on purpose and exporting it, the workforce is maintained—no one loses jobs. Developing countries around the world sell exports like coffee and cocoa in order to obtain products they are not able to manufacture, mine, or grow. Twelve million people in the U.S. hold jobs involved in exporting. In 2003, Americans sold $1,018.6 billion in goods and services to people in other countries.
5 The U.S. also imports a large number of goods and services—$1,507.9 billion in 2003. Why would the U.S. need to import anything when it can produce nearly every item any citizen needs to live a prosperous life? The answer to that is the citizens themselves who desire things that cannot be produced here. Some items that are only available from foreign sources, such as expensive wine, cheese, shoes, or cars, add luxury to some people's lives. Other imported items are cheaper than those made by U.S. manufacturers.
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