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The Nelson Complexity Index (NCI) is a measure of the degree of complexity of an oil field. It was developed by Richard Nelson, an American petroleum engineer, in the early 1970s. The NCI is calculated by dividing the sum of the squares of the estimated ultimate recoverable reserves (EURR) of all the wells in an … Read more
Capital outflow refers to the increase in the value of a country’s currency resulting from the purchase of foreign assets. A country’s currency will appreciate (strengthen) if the demand for that currency is greater than the supply. When a country’s currency appreciates, the price of imported goods will decrease and the price of exported goods … Read more
An oligopsony is a market structure in which there are only a few buyers. This can lead to market power, where the buyers can influence prices. Oligopsonies are often found in industries with few firms, such as the automobile industry. What are some examples of oligopolies? An oligopoly is a market structure in which a … Read more
Upcycling (also known as supra-recycling) refers to the technique that uses recycled materials to transform them into new products, giving them a greater value than they had when they were just waste. This makes the key difference with the downcycling, in which the resulting product is of lower quality than the original. The importance of … Read more
