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FDA: The abbreviation for Food and Drug Administration, which is an agency of the U. S. Department of Health and Human Services that deals with the safety and effectiveness of food, cosmetics, drugs, and medical implements. It was formally established in 1906 to investigate and test what turned out to be some pretty dangerous and disgusting food additives that were being fed to an unaware public. The FDA is now charged with the task of keeping food and drugs free of hazardous additives and to ensure that they perform as promised. Drugs must undergo rigorous, lengthy tests on animals and humans to prove they're safe and effective.

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Lesson 9: Macro Basics | Unit 5: Issues Page: 15 of 16

Topic: Theories <=PAGE BACK | PAGE NEXT=>

Using the scientific method to test macroeconomic theories is an evolving process. Over time, more hypotheses are tested and macroeconomic theories grow, expand and improve.
  • Hypotheses from macroeconomic theories are not easily subject to experimental testing. Economists can't control the economy but must wait for it to cooperate.
  • The result of combining different political philosophies and vested interests with the inability to provide definitive explanations, creates alternative, competing theories that seek to explain the world.

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CONFERENCE BOARD, THE

A private, non-profit, global organization established in 1916 that collects and distributes economic data to assist consumers, business leaders, and government policy makers in their economic decisions. The Conference Board is responsible for compiling the leading, coincident, and lagging economic indicators that are used to track business-cycle activity as well as the widely publicized Consumer Confidence Index. The Conference Board also convenes numerous conferences each year that provide forums to discuss and analyze pressing economic issues.

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APLS

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Today, you are likely to spend a great deal of time at a dollar discount store hoping to buy either a really, really exciting, action-filled video game or a coffee cup commemorating the moon landing. Be on the lookout for jovial bank tellers.
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
"Defeat is simply a signal to press onward."

-- Helen Keller, lecturer, author

IO
Industrial Organization
A PEDestrian's Guide
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