AG EC 450 - Glossary

AG EC 450 - International Development, Renewable Resources, and the Environment

22 terms were found starting with the letter n.

Nash Equilibrium: A set of strategies or actions in which each firm makes the best decision for itself that it can, taking the actions of its competitors as given.
Natural Capital: Same as environmental capital, which is the stock of natural resources and environmental assets. Includes water, soils, air, flora, fauna, minerals, and other natural resources.
Natural Monopoly: An industry in which there are increasing returns to size even when only one firm produces the industry's total output. A special case of a monopoly. Occurs when the market demand curve crosses this one firm's average total cost curve at a point where average total cost is still falling. In a natural monopoly, the market demand is not large enough to push the industry into the region of constant or decreasing returns.
Net Domestic Product (NDP): Gross domestic product (GDP) minus depreciation of capital. In cases were green accounting is used, capital includes natural resources and the environment.
Net National Product (NNP): Gross national product (GNP) minus depreciation of capital. In cases were green accounting is used, capital includes natural resources and the environment.
Net Present Value: The value of the future stream of benefits from an investment discounted to the present by means of a discount rate (or interest rate). The discount rate should reflect the opportunity cost of the resources devoted to the investment what the resources could have earned if they had been invested elsewhere.
Nominal Protection Coefficient/Nominal Rate of Protection (NPC, NRP): The degree of protection given to a good by tariffs and other restrictions on imports. Equal to the percentage amount by which the domestic price for that good exceeds the world price.
Nonexcludability: Occurs when it is not possible to prevent anyone from consuming a good or service once it has been made available to the public.
Nonformal Education: Education that takes place outside of schools, colleges, and universities. Nonformal education is typically less structured than formal education or is not structured at all.
Nongovernmental Organization (NGO): A privately owned and operated organization that provides financial and technical assistance to developing countries in order to promote economic development, protection of the environment, or some other objective.
Nonmarket Good: A good or service that is not bought or sold in a market.
Nonperforming Assets: Assets that have no financial return.
Nonperforming Debt: A debt that has no financial return (i.e., no interest is being paid on it).
Nonperforming Loan: A loan where interest and/or principal payments are more than a certain number of days late (e.g., 30 days late or 90 days late).
Nonpoint Source Pollution: Pollution that reaches the environment at a large number of locations that either cannot be identified or monitored at all, or cannot be identified and monitored at a reasonable cost. Agricultural pollution is typically nonpoint source pollution. The opposite of nonpoint source pollution is point source pollution.
Nonrivalry: Occurs when one person's consumption of a good or service does not reduce the quantity available for consumption by someone else.
Nontariff Trade Barrier: Regulations used by governments to restrict imports from, and exports to, other countries, including embargoes, import quotas, and technical barriers to trade.
Non-Use Value: An economic value attached to an environmental or natural resource that is not based on the tangible human use of the resource. Sometimes called a passive use value. Non-use values may include existence values, bequest values, altruistic values, and option values.
Normal Good: A good whose income elasticity of demand is positive, so that an increase in income leads to an increase in consumption of that good.
North: Another name for the high-income countries as a group.
North American Free Trade Agreement (NAFTA): An agreement implemented in 1994 committing Canada, the U.S., and Mexico to the elimination of all tariffs, quotas, and other trade barriers between them before 2009. Trade relations with other countries are unaffected by NAFTA.
Notifications: The annual process by which member countries report to the World Trade Organization (WTO) information on commitments, changes in policies, and other related matters as required by various trade agreements.