Ex.5. Choose the appropriate word or phrase to complete the following sentences.

Economic globalization , investment, standards of living, economies of scale, multinational corporation, international trade, corporation tax, outsourcing, comparative advantage, globalization

1. Although there is no one precise definition, the term ________________ usually refers to the increased flow of trade, people, investment, technology, culture and ideas among countries.
2. To benefit from trade, countries specialize in producing products where they have a ________________.
3. ________________ provides consumers with a wider variety of goods and services.
4. Investment in factories, machinery, new technology, and the health, education, and training of people can raise future ________________.
5. ________________ across international borders, sometimes called offshoring, occurs when a firm tries to reduce costs by locating production facilities in other countries and hiring cheaper foreign workers.
6. ________________ means that goods and services, capital, and labour are traded on a worldwide basis, and information and the results of research flow readily between countries.
7. ________________ is an enterprise operating in several countries but managed from one (home) country.
8. Specialization of production enables firms to benefit from ______________.
9. Multinational companies, can set up offices in countries with very low rates of __________________ and then funnel their profits through these subsidiaries.
10. He hoped this strategy would attract foreign _____________ by multinationals.