Globalization: Globalization refers to the increasing interconnectedness and interdependence of countries through trade flows, capital movements, technology transfers, and cultural exchanges.
Industrialization: Industrialization is the process by which societies transform themselves from primarily agricultural economies into ones based on manufacturing goods using advanced machinery.
Income Inequality: Income inequality refers to the unequal distribution of income among individuals or households within a certain population. It can be measured through indicators like the Gini coefficient or by examining the wealth gap between different socioeconomic groups.