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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 8: Market Shocks | Unit 5: Cause and Effect Page: 18 of 20

Topic: Economic Science <=PAGE BACK | PAGE NEXT=>

Economic analysis lets us examine market shocks in a systematic manner.
  • Many things affect the market. Prices and quantities can fall or raise for many different reasons.
  • Ceteris paribus lets us isolate particular changes in the demand and supply determinants to analyze how price and quantity are affected.
  • This market-shock analysis lets us isolate the basic cause and effect principles of economic science.

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ACCOUNTING PROFIT

The difference between the revenue received by a firm and the explicit accounting cost incurred. This is the profit listed on a firm's balance sheet, appears periodically in the financial sector of the newspaper, and is reported to the Internal Revenue Service for tax purposes. While accounting profit is the "standard" designation of profit used in the business world, economists prefer to use economic profit

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APLS

GRAY SKITTERY
[What's This?]

Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a large, stuffed kitty cat or a cross-cut paper shredder. Be on the lookout for crowded shopping malls.
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This isn't me! What am I?

The word "fiscal" is derived from a Latin word meaning "moneybag."
"When you play, play hard; when you work, don't play at all. "

-- Theodore Roosevelt, 26th US president

SMA
Structural Moving Average
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