Archives: Terms

Definition of Nonrenewable Resource A nonrenewable resource is a natural resource that cannot be replenished at the same rate at which it is being consumed. These resources are formed over millions of years and are finite in quantity. As a result, once they are depleted, they cannot be replaced. Nonrenewable […]

Definition of Nonprofit Organization (NPO) A nonprofit organization (NPO) is an organization that operates with the primary goal of serving the public or a specific cause rather than generating profit for its members or owners. NPOs can be formed for a variety of purposes, such as charitable, educational, religious, scientific, […]

Definition of Non-Farm Payroll Non-Farm Payroll (NFP) is a report released by the U.S. Bureau of Labor Statistics on the first Friday of every month. It provides crucial data on the number of jobs added or lost in the economy, excluding the farming sector. The NFP report includes data from […]

Definition of Non-Accelerating Inflation Rate of Unemployment (NAIRU) The Non-Accelerating Inflation Rate of Unemployment, also known as NAIRU, is the level of unemployment at which inflation remains stable. It represents the lowest rate of unemployment that an economy can sustain without causing an acceleration in inflation. The theory behind NAIRU […]

Definition of Nominal Gross Domestic Product Nominal Gross Domestic Product (GDP) is a measure of the total value of all goods and services produced by a country in a given period, typically one year. It represents the dollar value of a country’s economic output without adjusting for inflation. Nominal GDP […]

Definition of Nixon Shock The Nixon Shock refers to a series of economic policies implemented by President Richard Nixon in the early 1970s. The primary policy change during this period was the decision to end the convertibility of the U.S. dollar into gold. This move effectively abandoned the Bretton Woods […]

Definition of Newly Industrialized Country (NIC) A newly industrialized country (NIC) is a term used to describe a nation that has recently undergone significant industrialization and economic development. NICs are characterized by rapid growth, urbanization, and a shift from an agricultural-based economy to a manufacturing and service-based economy. These countries […]

Definition of New Keynesian Economics New Keynesian Economics is an economic theory that combines elements of Keynesian economics with principles of neoclassical economics. It seeks to provide an explanation for fluctuations in the business cycle and the effects of monetary policy on the economy. Unlike traditional Keynesian economics, which focuses […]

Definition of New Home Sales New home sales refer to the sales of newly constructed houses or residential properties. These properties are typically sold by home builders or real estate developers. New home sales are an important indicator of the overall health of the housing market and the broader economy. […]

Definition of New Growth Theory New Growth Theory is an economic theory that focuses on the role of innovation and technological change in driving economic growth. Unlike traditional growth theories, which emphasize factors such as capital accumulation and labor force growth, New Growth Theory argues that innovation and knowledge are […]