Archives: Terms

Definition of Okun’s Law Okun’s Law is an empirical relationship between the change in unemployment and the change in gross domestic product (GDP) of an economy. It states that for every 1% increase in the unemployment rate, there will be a corresponding 2% decrease in the GDP growth rate. Conversely, […]

Definition of Oil Sands Oil sands, also known as tar sands, are a type of unconventional petroleum deposit. They consist of a mixture of sand, water, clay, and bitumen – a heavy, viscous form of petroleum. Oil sands are typically found in large deposits in Alberta, Canada, and other locations […]

Definition of Oil Refinery An oil refinery is a facility where crude oil is processed and refined into various petroleum products. It is an industrial plant that transforms crude oil into usable products such as gasoline, diesel fuel, heating oil, jet fuel, and other petrochemicals. The refining process involves several […]

Definition of Occupational Labor Mobility Occupational labor mobility refers to the ability of workers to switch between different occupations or industries in response to changes in the labor market. It implies the flexibility and adaptability of employees to find employment in different sectors or professions based on their skills, interests, […]

Definition of Null Hypothesis The null hypothesis is a statement that assumes there is no significant relationship or difference between two observed phenomena. It is typically denoted as H0 and is used in statistical hypothesis testing. The purpose of the null hypothesis is to serve as a baseline or default […]

Definition of North American Industry Classification System (NAICS) The North American Industry Classification System (NAICS) is an industry classification system that categorizes businesses into various sectors based on their economic activity. It is used by government agencies, businesses, and researchers to analyze and compare economic data across North America. Example […]

Definition of North American Free Trade Agreement (NAFTA) The North American Free Trade Agreement, or NAFTA, is a trade agreement signed by the United States, Canada, and Mexico. It came into effect on January 1, 1994, and created one of the largest free trade zones in the world. Its purpose […]

Definition of Normative Economics Normative economics is the branch of economics that involves subjective judgments, opinions, and value judgments about what the economy should be like. It is concerned with formulating and recommending policies and actions to achieve certain economic goals. In other words, it focuses on what people believe […]

Definition of Nordic Model The Nordic Model refers to the combination of policies and socio-economic systems adopted by the Nordic countries of Denmark, Finland, Iceland, Norway, and Sweden. It is characterized by a strong welfare state, high levels of social equality, and a mixed-market capitalist economy. The Nordic Model emphasizes […]

Definition of Nontariff Barrier A nontariff barrier refers to any policy or regulation imposed by a government that limits trade between countries without using tariffs. These barriers can take many forms and include quotas, licensing requirements, sanitary and phytosanitary measures, technical standards, and subsidies. The purpose of nontariff barriers is […]