Course glossary

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During lectures you will learn new words. Using this link you are welcome to add them to our "course glossary", so that other students will be able to see them and learn. Let's make our own useful glossary and help each other to learn new words! By the way, there are already some worlds which should be familiar for you till the end of the course, try to cover them when you mill have free time.


Browse the glossary using this index

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N

Negative externality

Exists when the production of a good imposes disutility (the spillover costs) upon third parties not directly involved in the consumption or production of this good.

Net export effect

A rising interest rate increases foreign demand for u.s. dollars. The dollar then appreciates in value, causing net exports from the u.s. to fall. Falling net exports decreases ad, which lessens the impact of the expansionary fiscal policy.

Nominal GDP

The value of current production at the current prices.

Nominal income

Today’s income measured in today’s dollars. These are dollars unadjusted by inflation.

Nominal rate of interest

The percentage increase in money that the borrower pays the lender and is equal to the real rate plus the expected inflation.

Nonmarket transactions

Household work or do-it-yourself jobs are missed by gdp accounting. The same is true of g transfer payments and purely financial transactions.

Non-renewable resources

resources that cannot replenish themselves. Coal is a good example.

Normal goods

A good for which higher income increases D.