Globalisation & Trade — Intro — Lingadoo Vocabulary Worksheet

Key Vocabulary

Word		Meaning	Example sentence
supply chain	n.	the system that produces and delivers goods	The pandemic disrupted the supply chain.
outsourcing	n.	using another company to do work or provide services	Outsourcing reduced production costs.
logistics	n.	planning and moving goods or people efficiently	Logistics became more expensive after the strike.
dependency	n.	a situation where someone or something relies on another	Energy dependency shaped foreign policy.
tariff	n.	a tax on imported or exported goods	The tariff increased the price of steel.
protectionism	n.	policies that limit trade to protect local industry	Protectionism can raise consumer prices.
liberalisation	n.	the removal or reduction of restrictions	Trade liberalisation opened new markets.
regulation	n.	official rules controlling an activity	Stronger regulation improved product safety.
emerging market	n.	a developing economy becoming more connected to global markets	The company expanded into an emerging market.
monopoly	n.	control of a market by one company or organisation	A monopoly can limit consumer choice.
competition	n.	rivalry between companies or economies	Competition pushed prices down.
trade-off	n.	a balance where gaining one thing means losing another	There is a trade-off between speed and cost.

Common Collocations

supply chain: global supply chain, supply chain risk
outsourcing: IT outsourcing, outsourcing strategy
logistics: global logistics, logistics company

dependency: economic dependency, reduce dependency
tariff: import tariff, tariff barrier
protectionism: trade protectionism, economic protectionism

liberalisation: market liberalisation, financial liberalisation
regulation: trade regulation, government regulation
emerging market: emerging market economy, emerging market growth

monopoly: natural monopoly, monopoly power
competition: global competition, fair competition
trade-off: difficult trade-off, policy trade-off

Language Tips

Production networks

A supply chain connects the steps needed to make and deliver a product.

Logistics deals with moving goods efficiently.

Trade policy

A tariff is a tax on imports or exports. Protectionism restricts trade to support domestic industries.

Liberalisation reduces trade barriers.