IELTS Vocabulary: On Globalisation

Understanding globalisation requires familiarity with key terms used in economics and business. Below is a vocabulary list that provides essential terms and their definitions. Use this as a reference to enhance your comprehension of globalisation concepts, particularly for IELTS preparation.

• stocks and shares: Financial instruments representing ownership in a company and a claim on part of its assets and earnings.
• consumption: The use of goods and services by households to satisfy their needs and wants.
• stock market: A marketplace where securities like stocks and bonds are bought, sold, and traded.
• manufacturing: The process of producing goods in large quantities using machinery and industrial methods.
• trade barrier: Government-imposed restrictions, such as tariffs or quotas, that limit international trade.
• immigrate: To move to a new country with the intention of settling there permanently.
• affluence: A state of having a large amount of wealth, resources, or material possessions.
• inflation: An economic condition where the general price level of goods and services rises, reducing purchasing power.
• prosperity: A period or state of financial success, economic stability, and general well-being.
• tariff: A tax imposed by a government on imported goods to regulate trade and raise revenue.
• accounting: The systematic process of recording, summarising, and analysing financial transactions of a business.
• outsource: The practice of delegating certain tasks or services to external companies, often to reduce costs.
• economic growth: An increase in the production of goods and services in an economy over a specific period.
• emigration: The act of leaving one’s home country to live in another country permanently.
• export: The act of selling domestically produced goods or services to other countries.
• import: The act of buying goods or services from foreign countries for domestic use.
• the Balance of Trade: The difference between the monetary value of a country's exports and imports over a given period.
• recession: A period of economic decline characterised by reduced industrial activity and increased unemployment.
• superpower: A nation with dominant influence globally, possessing significant economic, military, and political strength.
• multinational corporation: A company that operates in multiple countries, managing production or delivering services across borders.
• franchise: A business model where an individual or entity is granted the rights to operate using another company’s brand, products, or services.
• the standard of living: The degree of wealth, comfort, and access to goods and services available to people in a region or country.
• taxation: The system through which governments collect money from citizens and businesses to fund public services and infrastructure.
• marketing: The process of promoting, advertising, and selling products or services to attract and retain customers.

IELTS Vocabulary Practice: Fill in the Blanks

Test your understanding of the vocabulary words related to globalisation! Complete the sentences below by filling in the blanks with the correct words. Once you've completed the exercise, share your answers in the comments section below.

1. Many people invest in ________ as a way to grow their wealth over time.
2. Countries with limited resources often need to ________ essential goods like oil and machinery.
3. The increase in the purchase of electric vehicles is a sign of changing patterns of ________.
4. The ________ in this region has improved significantly with better access to education and healthcare.
5. As a ________, the United States has considerable influence over international trade policies.
6. The ________ is highly volatile, making it challenging to predict short-term gains.
7. The rapid rise in ________ in the city is evident from the luxurious homes and high-end stores.
8. The country’s economy relies heavily on ________ industries like automobile production.
9. Governments often impose ________ to protect domestic industries from foreign competition.
10. Individuals who ________ to another country often face challenges in adapting to a new culture.
11. Effective ________ ensures that a company’s financial records are accurate and transparent.
12. High ________ rates can erode the purchasing power of consumers over time.
13. The region’s ________ is evident in its low unemployment rate and high median income.
14. A ________ is used to regulate imported goods and protect local businesses.
15. The government is taking steps to ensure sustainable ________ through infrastructure investments.
16. Companies often ________ non-core activities to third-party service providers to cut costs.
17. During the 19th century, large waves of ________ reshaped the demographics of many countries.
18. The company plans to ________ its new product to several international markets.
19. The ________ of the country showed a surplus this year due to increased exports.
20. The global economy is recovering slowly from the recent ________.
21. The ________ expanded its operations to include offices in over 20 countries worldwide.
22. Opening a ________ allowed the entrepreneur to use a successful brand name and business model.
23. Fair ________ policies are essential to fund public services without overburdening citizens.
24. Innovative ________ campaigns can help businesses connect with their target audience effectively.

Share your answers in the comments section below and see how well you did!