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FOOD AND DRUG ADMINISTRATION: 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 3: Scarcity | Unit 5: THE Problem Page: 16 of 17

Topic: Solutions? <=PAGE BACK | PAGE NEXT=>

Can we solve the scarcity problem?

Solutions:

  • Make unlimited resources: A solution to a world constrained by limited resources is a world of unlimited resources. It could happen. But is unlikely, even with technological advances.
  • Make wants and needs limited: Another solution could be that everyone has limited wants and needs. Unlimited wants and needs seems basic to human nature. Would we want to make wants an needs limited?

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GAME THEORY

An analysis that illustrates how the choices between two players affect the outcomes of a "game." Game theory is commonly used to explain the behavior and decision making of oligopolistic firms. It illustrates that cooperation, rather competition, between two "players" can lead to an outcome that is more beneficial to both players.

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APLS

WHITE GULLIBON
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Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either a remote controlled train set or a genuine down-filled snow parka. Be on the lookout for gnomes hiding in cypress trees.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
"The mediocre teacher tells. The good teacher explains. The superior teacher demonstrates. The great teacher inspires."

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RTA
Reciprocal Trade Agreement
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