Topic-specific vocabulary words and phrases for
Globalization, with examples:
General Vocabulary1. Globalization – The process of increasing interconnectedness between countries.
Example: Globalization has made international travel and communication easier.
2. Interdependence – The reliance of countries on one another for goods, services, and resources.
Example: Economic interdependence has grown due to global trade.
3. Free trade – International trade without restrictions or tariffs.
Example: The agreement promotes free trade between member countries.
4. Outsourcing – The practice of hiring external firms or workers to perform tasks.
Example: Many companies are outsourcing production to countries with lower labor costs.
5. Developed countries – Nations with advanced economies and high standards of living.
Example: Developed countries often benefit the most from globalization.
6. Developing countries – Nations with emerging economies and lower living standards.
Example: Developing countries see globalization as a way to grow their economies.
7. Emerging markets – Economies experiencing rapid growth and industrialization.
Example: India and Brazil are examples of emerging markets benefiting from globalization.
8. Global economy – The interconnected economies of nations worldwide.
Example: The pandemic had a profound impact on the global economy.
Effects of Global Trade
9. Import – Bringing goods or services into a country from abroad.
Example: The country relies heavily on the import of raw materials.
10. Export – Sending goods or services to another country for sale.
Example: Coffee is one of the country's largest exports.
11. Trade barriers – Restrictions on international trade, such as tariffs or quotas.
Example: Removing trade barriers can boost economic growth.
12. Supply chain – The network of resources and processes involved in producing goods.
Example: Global supply chains were disrupted during the pandemic.
13. Economic integration – The process of countries reducing barriers to trade and investment.
Example: The European Union is an example of economic integration.
14. Comparative advantage – The ability of a country to produce a good more efficiently than others.
Example: Countries with a comparative advantage in technology often dominate global markets.
15. Trade deficit – When a country imports more than it exports.
Example: The nation is addressing its growing trade deficit.
Cultural Exchange
16. Cultural diversity – The variety of different cultures within a society.
Example: Globalization has increased cultural diversity in major cities.
17. Cultural homogenization – The reduction of cultural differences due to globalization.
Example: Critics argue that cultural homogenization threatens traditional customs.
18. Cross-cultural communication – Interaction between people of different cultural backgrounds.
Example: Effective cross-cultural communication is essential for multinational companies.
19. Cultural exchange – The sharing of ideas, traditions, and practices between cultures.
Example: Student exchange programs promote cultural exchange among young people.
20. Cultural assimilation – The process by which a minority group adopts the dominant culture.
Example: Some fear that globalization leads to cultural assimilation and loss of identity.
21. Global citizenship – Recognizing oneself as part of a worldwide community.
Example: Globalization fosters the concept of global citizenship among younger generations.
22. Soft power – A country's ability to influence others through culture and values.
Example: Hollywood is an example of America’s soft power.
Multinational Companies
23. Multinational corporation (MNC) – A company that operates in multiple countries.
Example: Coca-Cola is a well-known multinational corporation.
24. Foreign investment – Investment made by a company or individual in another country.
Example: The government encourages foreign investment to boost the economy.