#vocabulary
🌍GLOBALIZATION🌍
🌍Globalization - The process of increased interconnectedness and interdependence among countries, economies, and cultures.
Ex. Globalization has accelerated the exchange of goods, services, and ideas across borders.
🌍Trade liberalization - The reduction or elimination of trade barriers such as tariffs and quotas to promote free trade.
Ex. Trade liberalization agreements like NAFTA have facilitated economic integration between countries.
🌍Outsourcing - The practice of hiring external suppliers or subcontractors to perform tasks or produce goods and services.
Ex. Many companies outsource customer service to call centers in developing countries to reduce costs.
🌍Multinational corporation (MNC) - A company that operates in multiple countries, often with production facilities and sales operations worldwide.
Ex. Coca-Cola and Toyota are examples of multinational corporations with global operations.
🌍Offshoring - The relocation of business processes or services to a foreign country, typically to reduce costs.
Ex. Software companies often offshored their coding and programming tasks to countries with lower labor costs.
🌍Supply chain - The network of suppliers, manufacturers, distributors, retailers, and customers involved in the production and distribution of goods.
Ex. Global supply chains enable companies to source components and materials from different countries to assemble products.
🌍Cultural diffusion - The spread of cultural beliefs, values, customs, and ideas from one society to another through contact and interaction.
Ex. The popularity of Japanese anime worldwide is an example of cultural diffusion facilitated by globalization.
🌍Digital economy - Economic activities conducted through digital technologies, such as e-commerce, digital services, and online platforms.
Ex. The digital economy has transformed traditional retail by enabling global online shopping and digital payments.
🌍Sustainable development - Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
Ex. Global efforts are needed to achieve sustainable development goals (SDGs) related to poverty reduction, climate action, and environmental protection.
🌍Global workforce - The collective workforce employed across different countries and regions by multinational corporations and international organizations.
Ex. The global workforce includes professionals, skilled workers, and migrant laborers contributing to global economic activities.
🌍Economic integration -The process of harmonizing trade, investment, and economic policies among countries to reduce barriers and facilitate cooperation.
Ex. The European Union (EU) is a prime example of economic integration, featuring a single market and currency among member states.
🌍Inequality - Disparities in income, wealth, opportunities, and access to resources within and between countries.
Ex. Globalization has been criticized for exacerbating income inequality as benefits often accrue disproportionately to wealthier nations and individuals.
🌍Interdependence - Mutual reliance and connectivity among countries in economic, political, and social domains.
Ex. The global financial crisis of 2008 demonstrated the interconnectedness and interdependence of national economies.
🌍Cultural diversity - The variety of cultural expressions, traditions, languages, and identities within a society or globally.
Ex. Globalization has both promoted cultural diversity through exposure to different cultures and threatened it through cultural homogenization.
🌍Global governance - Mechanisms, institutions, and processes for addressing global issues and managing international relations.
Ex. The United Nations (UN) plays a crucial role in global governance by fostering cooperation on peacekeeping, development, and human rights issues.
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🌍GLOBALIZATION🌍
🌍Globalization - The process of increased interconnectedness and interdependence among countries, economies, and cultures.
Ex. Globalization has accelerated the exchange of goods, services, and ideas across borders.
🌍Trade liberalization - The reduction or elimination of trade barriers such as tariffs and quotas to promote free trade.
Ex. Trade liberalization agreements like NAFTA have facilitated economic integration between countries.
🌍Outsourcing - The practice of hiring external suppliers or subcontractors to perform tasks or produce goods and services.
Ex. Many companies outsource customer service to call centers in developing countries to reduce costs.
🌍Multinational corporation (MNC) - A company that operates in multiple countries, often with production facilities and sales operations worldwide.
Ex. Coca-Cola and Toyota are examples of multinational corporations with global operations.
🌍Offshoring - The relocation of business processes or services to a foreign country, typically to reduce costs.
Ex. Software companies often offshored their coding and programming tasks to countries with lower labor costs.
🌍Supply chain - The network of suppliers, manufacturers, distributors, retailers, and customers involved in the production and distribution of goods.
Ex. Global supply chains enable companies to source components and materials from different countries to assemble products.
🌍Cultural diffusion - The spread of cultural beliefs, values, customs, and ideas from one society to another through contact and interaction.
Ex. The popularity of Japanese anime worldwide is an example of cultural diffusion facilitated by globalization.
🌍Digital economy - Economic activities conducted through digital technologies, such as e-commerce, digital services, and online platforms.
Ex. The digital economy has transformed traditional retail by enabling global online shopping and digital payments.
🌍Sustainable development - Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
Ex. Global efforts are needed to achieve sustainable development goals (SDGs) related to poverty reduction, climate action, and environmental protection.
🌍Global workforce - The collective workforce employed across different countries and regions by multinational corporations and international organizations.
Ex. The global workforce includes professionals, skilled workers, and migrant laborers contributing to global economic activities.
🌍Economic integration -The process of harmonizing trade, investment, and economic policies among countries to reduce barriers and facilitate cooperation.
Ex. The European Union (EU) is a prime example of economic integration, featuring a single market and currency among member states.
🌍Inequality - Disparities in income, wealth, opportunities, and access to resources within and between countries.
Ex. Globalization has been criticized for exacerbating income inequality as benefits often accrue disproportionately to wealthier nations and individuals.
🌍Interdependence - Mutual reliance and connectivity among countries in economic, political, and social domains.
Ex. The global financial crisis of 2008 demonstrated the interconnectedness and interdependence of national economies.
🌍Cultural diversity - The variety of cultural expressions, traditions, languages, and identities within a society or globally.
Ex. Globalization has both promoted cultural diversity through exposure to different cultures and threatened it through cultural homogenization.
🌍Global governance - Mechanisms, institutions, and processes for addressing global issues and managing international relations.
Ex. The United Nations (UN) plays a crucial role in global governance by fostering cooperation on peacekeeping, development, and human rights issues.
@Speaking_Assisstant_Bot
@IELTS_Assisstant
@safarov_english
@IELTS_PDF_Bot