aya aly geoECO MIDTERM

aya aly geoECO MIDTERM - Definition Map: A diagrammatic...

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Definition Map: A diagrammatic representation of an area of land or sea showing physical features, cities, roads, etc: "a street map". Latitude: also known as parallels measures north and south equators Longitude: also known as meridians measure east and west prime meridians Meridian: A circle of constant longitude passing through a given place on the earth's surface and the terrestrial poles Globalization: the act or process of globalizing : the state of being globalized ; especially : the development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets Budget: the act or process of globalizing : the state of being globalized ; especially : the development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets Surplus: More than what is needed or used; excess. Debt: An amount of money borrowed by one party from another Deficit: The amount by which something, esp. a sum of money, is too small. Critiques of economic orthodoxy: 1- Universalism: one size fits all approach to development to other economic processes. – Basic health, education and infrastructure are seen as function to inevitable growth based on countries natural advantages. 2- Economic rationality prevails: individuals act by themselves to maximize economic gains. Economic man- his ability to achieve his predetermined goals. Food traders will
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aya aly geoECO MIDTERM - Definition Map: A diagrammatic...

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