The huge increase in global trade has helped U.S. and Canadian economies, but has hurt many American and Canadian workers. Why? A) International companies have moved into North America because of low wages. B) Offshoring, or when companies move outside of North America due to lower costs, eliminates jobs in the US and Canada. C) Companies are moving out of North America, and American and Canadian workers are going with them. D) The increase in global trade does not hurt American and Canadian workers.
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The correct answer is B) Offshoring, or when companies move outside of North America due to lower costs, eliminates jobs in the US and Canada.
The huge increase in global trade has allowed companies to access cheaper labor markets in other countries. This has led to offshoring, where companies move their operations overseas to take advantage of lower wages and production costs. As companies move out of North America, jobs are lost in the US and Canada, affecting local workers. Thus, while the increase in global trade has benefited the overall economies of the US and Canada, it has negatively affected many American and Canadian workers.
The correct answer to the question is B) Offshoring, or when companies move outside of North America due to lower costs, eliminates jobs in the US and Canada.
To understand why the increase in global trade has hurt many American and Canadian workers, we need to look at the concept of offshoring. Offshoring refers to when companies move their operations outside of North America to countries where labor costs are lower. This allows companies to cut costs and potentially increase profits.
When companies decide to offshore their operations, it often leads to job losses in the US and Canada. As companies move their production to countries with lower labor costs, they no longer require as many workers in their home countries. This can result in unemployment and underemployment for workers who were previously employed in industries that have been offshored.
The huge increase in global trade has made it easier for companies to access international markets, leading them to seek lower production costs and increased efficiency. This has created incentives for companies to move their operations outside of North America, where labor costs tend to be higher.
Therefore, while the increase in global trade has benefited the US and Canadian economies overall, it has also had negative consequences for many American and Canadian workers who have lost their jobs due to offshoring.
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