Economy & Globalisation
Essential vocabulary for essays on trade, employment, economic growth, and global interdependence.
Foundation
Simple, clear usage
Intermediate
Academic context
Band 9
Sophisticated, Band 9 style
10 words
The process by which national economies, cultures, and societies become more interconnected through cross-border flows of goods, capital, people, and information.
🌱 Foundation Example
"Globalisation means countries are more connected through trade and communication."
Common collocations:
The state of being without paid employment while actively seeking work; the proportion of the labour force without jobs.
🌱 Foundation Example
"Unemployment means people do not have a job even though they want one."
Common collocations:
The preoccupation of society with the acquisition of goods and the cultural ideology that equates consumption with identity, status, and wellbeing.
🌱 Foundation Example
"Consumerism means people buy a lot of things they do not really need."
Common collocations:
A general increase in prices and a fall in the purchasing value of money over time.
🌱 Foundation Example
"Inflation means prices go up and you can buy less with the same amount of money."
Common collocations:
The activity of setting up and running businesses, taking on financial risks in the hope of profit; associated with innovation, risk tolerance, and economic dynamism.
🌱 Foundation Example
"Entrepreneurship means starting your own business and taking risks to make it successful."
Common collocations:
An economic condition in which a country imports more goods and services than it exports, resulting in a negative trade balance.
🌱 Foundation Example
"A trade deficit means a country buys more from other countries than it sells to them."
Common collocations:
The lowest hourly, daily, or monthly remuneration that employers are legally required to pay workers.
🌱 Foundation Example
"The minimum wage is the lowest amount a company must pay workers by law."
Common collocations:
The increase in the production of goods and services in an economy over a period of time, typically measured as the annual percentage change in gross domestic product (GDP).
🌱 Foundation Example
"Economic growth means the economy is producing more and people are generally becoming wealthier."
Common collocations:
Government policies that reduce public spending and increase taxes in order to reduce a fiscal deficit, often implemented during economic crises.
🌱 Foundation Example
"Austerity means the government cuts spending on public services to save money."
Common collocations:
The business practice of contracting work or services to an external organisation, often in another country, typically to reduce costs.
🌱 Foundation Example
"Outsourcing means a company pays another company in a different country to do its work."
Common collocations:
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