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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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                           BUYERS' MARKET: A disequilibrium condition in a competitive market that has a surplus or excess supply. Because the quantity supplied is greater than the quantity demanded, buyers have the "upper hand" when negotiating. A market surplus also goes by the more common term of buyers' market. The alternative to a buyers' market is a sellers' market, which has a shortage or excess demand. A buyers' market exists because the quantity supplied by the sellers exceeds the quantity demanded by the buyers... at a given market price. In this situation, sellers are seeking to sell more of the good than buyers are willing to buy, hence buyers can pick and choose the goods purchased from the sellers. Sellers are lucky to find someone willing and able to purchase their good.| Buyers' Market |  |
A buyers' market is illustrated by the market for 8-track tapes displayed in this exhibit. This graph was generated with data from the 88th Annual Trackmania 8-Track Tape Collectors Convention at the Shady Valley Exposition Center.At the existing market price of 70 cents, buyers have the "upper hand" in this market due to the excess supply of 8-track tapes. This surplus is indicated as the difference between the quantity supplied and the quantity demanded at the designated market price. In particular, the 70-cent price generates a quantity supplied of 600 tapes and a quantity demanded of 200 tapes. Sellers are willing and able to sell 400 tapes more than buyers are willing and able to buy. This excess supply of 400 tapes is what gives the buyers the upper hand. Note that a buyers' market does not mean the lack of competition among demanders have given some buyers market control. A buyers' market is a competitive market that simply has a temporary imbalance between the quantity demanded by the buyers and the quantity supplied by the sellers. A change in the market price eliminates the buyers' market, and could possibly even create a sellers' market.
Recommended Citation:BUYERS' MARKET, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: April 26, 2024].
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a package of blank rewritable CDs or yellow cotton balls. Be on the lookout for poorly written technical manuals.
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This isn't me! What am I?
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Lewis Carroll, the author of Alice in Wonderland, was the pseudonym of Charles Dodgson, an accomplished mathematician and economist.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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BEA
Bureau of Economic Analisys
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