Here are Economics Terms beginning with N

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Nash equilibrium is an equilibrium that results when each player in a game has made an optimal decision based upon assumptions about the decisions that will be made by other players in the game and the other players make the decisions that it was assumed they would take. In a Nash equilibrium no player has an incentive to unilaterally change their decision.

National debt is the outstanding level of government debt and is equal to the summation of all previous fiscal deficits (and surpluses). The national debt is typically owned by both domestic and foreign residents.

Nationalization is the process of a government or State taking ownership control of previously owned private enterprise.

Natural level of unemployment is level of unemployment that will exist at the equilibrium real wage in the economy and it is made up primarily of voluntary unemployed plus frictional unemployment.

Natural monopoly is a situation where because of the presence of economies of scale it makes sense to have only producer of the good or service since the cost of production will e significantly lower than of two or more firms produce the good or service.

Natural rate of unemployment the rate of unemployment consistent with aggregate production being at its long run equilibrium level. All the unemployed are either voluntarily unemployed, structurally unemployed or frictionally unemployed.

Natural wastage a means of reducing the amount of labor employed at a firm by not replacing those workers that leave the firm either through retirement or of their own choosing.

Near money highly liquid securities that can be quickly converted into cash. For example savings accounts, Treasury bills, money market funds etc.

Negative income tax a system of of tax and benefits which means at income levels below a certain minimum level of income will result in benefits being received while after the threshold income taxes are paid and no benefits received.

Net investment is total investment expenditure less capital depreciation.

Net national income is equal to the national income less capital depreciation.

Net present value is the difference between the sums of discounted cash inflows and cash outflows. It compares the present value of money today to the present value of money in future.

Net present value of an investment is the difference between the sums of discounted cash inflows and discounted costs of an investment project.

Neutrality of money the belief that in the long run changes in the money stock have not influence on the national income or levels of employment and unemployment in an economy.

New classical school is a school of thought in economics which believes that markets clear very quickly and that economic agents have rational forward looking expectations. The latter means that fiscal and monetary policies will have little effect on economic activity.

New Keynesian school are Keynesian economists that argue that real wages are sticky downwards and that there is scope for governments to reduce involuntary unemployment by the use of expansionary fiscal policy.

Nominal national income is the value of the national income measured in terms of current prices.

Nominal value is the monetary value of an economic series measured at current prices.

Non accelerating inflation rate of unemployment (NAIRU) the rate of unemployment consistent with a stable inflation rate on the vertical Phillips curve.

Non bank private sector consists of households and non bank companies that operate in the private sector of the economy. It therefore excludes both central and local government.

Non excludability is a feature of the provision of a good whereby it is not possible to provide a good to one person without it automatically available for others.

Non Farm Payrolls is the headcount employed in manufacturing, construction and goods companies in the United States. It excludes employment numbers for farm workers, private households and non-profit employees.

Non price competition is when firms compete with each other on non price factors such as quality, via advertising, packing, technical features and so on.

Non rivalry in consumption occurs if the consumption of a good or service by one individual does not impose an opportunity cost  on others since others are not prevented from consuming the good or service. A fireworks display provides an example of non rival consumption as one person watching the display does not exclude someone else from watching the display.

Normal good is a good whose consumption rises when consumers real incomes rise. It is a good with a positive income elasticity of demand.

Normal profit is the absolute minimum level of profit that a business requires to remain in the industry over the longer run.

Normative economics involves the use of value judgements and as such cannot be empirically rejected or falsified. Value judgements can vary from one individual to another.

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