New old stock.
Original Equipment manufacturer
so NOS would be original parts made from 71-73 for your car in the original packaging. ford replacement parts, service parts, etc
OEM, a part that was made later and could be used on 71-73 cars but is not exactly the same as the original part.
So lets say you have a NOS switch, then its a direct replacement for the original.
verse OEM a switch made by the original manufacturer but designed to fit a different car but could be used in place of a NOS part if you cannot find it.
differences could be slight differences to shape or finish, difference in feel, mechanically or electrically the part would act as the original.