Glossary

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Nondurable goods

Economy Term

Nondurable goods are products that have a limited lifespan and are typically consumed or used up in a short period of time. Examples of nondurable goods include food, clothing, and personal care items. These products are typically low-cost and are purchased frequently by consumers.

In the industry, nondurable goods are used to measure consumer spending and inflation. Nondurable goods make up a significant portion of consumer spending, and changes in the prices of these goods can have a significant impact on inflation rates. Economists use the consumption of nondurable goods as an indicator of consumer sentiment and confidence in the economy.

In addition, the production and sale of nondurable goods contribute to employment and economic growth. Many countries specialize in the production of certain types of nondurable goods, exporting them to other countries, which creates jobs and generates revenue.

Overall, the production and sale of nondurable goods are an important part of the industry and play a significant role in consumer spending, inflation rates, and economic growth.

More Glossary Terms Beginning with N

Nanotechnology
Nanotechnology refers to the development of products and production processes at the molecular level, which is a scale smaller than 100 nanometers (a nanometer is one-billionth of a meter).

Manufacturing Term Letter: N
National Association of Insurance Commissioners NAIC
An organization of the insurance commissioners or directors of all 50 states, the District of Columbia and the five U.S. territories organized to promote consistency of regulatory practice and statutory accounting standards throughout the United States.

Insurance Term Letter: N
National income NI
The sum of all incomes, net of consumption of fixed capital (CFC), earned in production. Includes both factor incomes and nonfactor charges. It formerly excluded nonfactor charges.

Economy Term Letter: N
Natural Gas Equivalents
Oil and NGL volumes are converted to natural gas equivalents using the ratio of one barrel of crude oil, condensate or NGL to 6,000 cubic feet of natural gas.

Energy Term Letter: N
Natural Gas Liquids
Natural gas liquids, often referred to as NGLs, are both feedstocks used in the manufacture of refined fuels and are products of the refining process. Common NGLs used include propane, isobutane, normal butane and natural gasoline.

Energy Term Letter: N
Natural Gas Liquids NGL
Liquid hydrocarbons that are extracted and separated from the natural gas stream. NGL products include ethane, propane, butane, natural gasoline and heavier hydrocarbons.

Energy Term Letter: N
NDA or New Drug Application
When the sponsor of a new drug believes that enough evidence on the drugs safety and effectiveness has been obtained to meet FDAs requirements for marketing approval, the sponsor submits to FDA a new drug application (NDA). The application must contain data from specific technical viewpoints for review, including chemistry, pharmacology, medical, biopharmaceutics, and statistics. If the NDA is app

Health Care Term Letter: N
Net Asset Value NAV
The value of one share of a mutual fund. NAV is calculated by taking the funds total assets, subtracting liabilities, and dividing by the number of shares outstanding.

Financial Term Letter: N
Net Card Fees
Represents the charge card membership fees earned during the period. These fees are recognized as revenue over the covered card membership period (typically one year), net of provision for projected refunds for cancellation of card membership.

Financial Term Letter: N
Net domestic product NDP
The market value of the goods and services produced by labor and property in the United States less the value of the fixed capital used up in production; equal to gross domestic product (GDP) less consumption of fixed capital (CFC). NDP may be viewed as an estimate of sustainable product, which is a rough measure of the level of consumption that can be maintained while leaving capital assets intac

Economy Term Letter: N
Net exports of goods and services
Exports of goods and services minus imports of goods and services.

Economy Term Letter: N
Net government saving
The difference between government current receipts and government current expenditures, national income and product accounts.

Economy Term Letter: N

More in this Category

Advance monthly sales
The U.S. Census Bureau conducts the Advance Monthly Retail Trade and Food Services Survey (MARTS) to provide an early estimate of monthly sales by kind of business for retail and food service firms located in the United States. Each month, questionnaires are mailed to a probability sample of approximately 5,000 employer firms selected from the larger Monthly Retail Trade Survey (MRTS). Firms respo

Economy Term
Affiliate
means with respect to any entity, an entity that is controlled by a other company although the other company owns less than a majority of the other entity.

Economy Term
Agents and Brokers
Persons or organizations that act as a representative for others in negotiating contracts, purchases, or sales. Agents and brokers typically earn a commission or fee for their services and do not take possession of, or title to, any goods.

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ARPU
Average revenue per user

Economy Term
Balance of payments
Record of transactions between U.S. residents and foreign residents during a given time period. Includes transactions in goods, services, income, assets, and liabilities. It is broken down into the current accounts (international), capital accounts (international), and financial accounts (international).

Economy Term
Balance on current account
Current receipts from the rest of the world less current payments to the rest of the world, formerly called "net foreign investment." Current receipts equal exports of goods and services plus income receipts from the rest of the world; current payments are the sum of imports of goods and services, income payments to the rest of the world, and current taxes and transfer payments to the rest of the

Economy Term
Balance on goods and services
Record of the difference between exports of goods and services and imports of goods and services. In the broad sense, this balance is conceptually equal to net exports of goods and services, which is a component of gross domestic product (GDP).

Economy Term
Bonded Warehouses Manufacturing
Warehouses that are authorized by the United States Customs for storage or manufacturing of goods on which payment of duties is deferred until the goods are removed into Customs Territory. These goods are not subject to duties if reshipped to foreign points.

Economy Term
Brokers
Persons or organizations that act as a representative for others in negotiating contracts, purchases, or sales. Agents and brokers typically earn a commission or fee for their services and do not take possession of, or title to, any goods.

Economy Term
Business sector
All corporate and noncorporate private entities organized for profit and certain other entities that are treated as businesses in the national income and product accounts (NIPAs), including mutual financial institutions, private noninsured pension funds, cooperatives, nonprofit organizations that primarily serve businesses, Federal Reserve banks, federally sponsored credit agencies, and government

Economy Term
CE-marked
A compliance symbol indicating that a product meets the requirements of the European Union (EU) directives that apply to that product. CE stands for Conformit?e Europ?enne, which means European Conformity.

Economy Term
CFTC Commodity Futures Trading Commission
Commodity Futures Trading Commission, an independent agency with the mandate to regulate commodity futures and option markets in the United States.

Economy Term