| A | B |
|---|
| Food and Drug Administration | responsible for protecting the public health by assuring the safety, efficacy, and security of human and veterinary drugs, biological products, medical devices, our nation's food supply, cosmetics, and products that emit radiation |
| National Labor Relations Act | is a foundational statute of United States labor law that guarantees the right of private sector employees to organize into trade unions, engage in collective bargaining |
| Fair Labor Standards Act | establishes minimum wage, overtime pay, recordkeeping, and youth employment standards affecting employees in the private sector and in Federal, State, and local governments. |
| Occupational Safety Health Administration | mission is to "assure safe and healthy working conditions for working men and women by setting and enforcing standards and by providing training, outreach, education, and assistance |
| Consumer Product safety Commission | "protect the public against unreasonable risks of injuries and deaths associated with consumer products." |
| Environmental Protection Agency | protects people and the environment from significant health risks, sponsors and conducts research, and develops and enforces environmental regulations. |
| Clean Air and Water Act | he principle law governing pollution control and water quality of the Nation's waterways |
| Social Security Act | provide for the general welfare by establishing a system of Federal old-age benefits, and by enabling the several States to make more adequate provision for aged persons, blind persons, dependent and crippled children, maternal and child welfare, public health, and the administration of their unemployment compensation laws |
| Closed Shop | a place of work where membership in a union is a condition for being hired and for continued employment. |
| Taft-Hartley Act | makes closed shops illegal and requires disclosure of certain financial and political activities by unions |
| Union Shop | a place of work where employers may hire nonunion workers who must join a labor union within an agreed time |
| Production Possibilities Curve | a graphical representation of the maximum output of two goods that can be produced using a fixed amount of input |
| Demand Table | shows the quantity demanded of a good or service at different price levels |
| Demand Curve | a graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period of time. |
| Law of Demand | a fundamental principle which states that there is an inverse relationship between price and quantity demanded |
| Market Demand | is the total amount of a product or service that consumers are willing and able to buy at a given price in a specific market |
| Elastic Demand | a situation where a relatively small change in price leads to a large change in the quantity demanded of a good or service |
| Inelastic Demand | when the demand for a product or service remains relatively constant despite changes in price or other economic factors |
| Supply Table | is a table that shows how goods and services become available in an economy over a given period of time |
| Supply Curve | is a graph that shows the relationship between the price of a product and the quantity of that product that a seller is willing and able to supply |
| Law of Supply | as the price of a good or service increases, the quantity of that good or service that suppliers offer will increase, and vice versa |
