1. A computer implemented method for identifying phrasal terms, the method comprising: receiving a text having a plurality of words using a processing system; determining a plurality of contexts using the processing system, wherein a context comprises one or more words proximate to another word in the text; for each context, determining a first frequency using the processing system based on a number of occurrences of the context within the text; assigning a first rank to at least one context using the processing system based on the first frequency for the at least one context; determining multiple word-context pairs using the processing system; for each word-context pair, determining a second frequency using the processing system based on a number of occurrences of the word associated with the word-context pair being used in the context; assigning a second rank to at least one word-context pair using the processing system based on the second frequency for the at least one word-context pair; determining a rank ratio for each word-context pair based on the first rank and the second rank associated with the word-context pair using the processing system; determining a mutual rank ratio using the processing system based on multiple rank ratios; and identifying a phrasal term using the processing system based on the mutual rank ratio.