Food and drug administration (FDA)-Federal agency that was formed to set and enforce safety standards for food, drugs, and cosmetics.They have the authority to stop the sale of an item under their jurisdiction, if it is found to be harmful or hazardous.They may also require safety warnings to be placed on harmful or hazardous products.This is the agency which tests new drugs and medications before they are put on the market.
Consumer product safety commission (CPSC)-this is a federal agency that was formed to set and enforce safety standards such as household appliances, toys, and tools.If a product under the jurisdiction of the CPSC is found to be harmful or hazardous, they can prevent that product from being sold, or they can require the manufacturer to repair or replace the product.The CPSC will also investigate complaints from consumers about products.
Federal trade commission (FTC)- this is a federal agency that was formed to protect consumers against false advertising, illegal sales schemes, and all unfair trade practices.
Unfair trade practice- any business practice which is considered unethical or illegal
Supply- the amount of goods and services available for sale at various prices at stated times
Second-A product that does not meet the standard requirements.It is sometimes labeled irregular and may contain minor flaws or imperfections.
Service-work performed to meet the needs of those buying the work, such as repair work, personal grooming services, house cleaning, and transportation.This also includes the professional services of doctors, lawyers, teachers, etc.
Producers-Those who provide the supply of goods and services to meet