Final answer:
The FLSA stands for the Fair Labor Standards Act which is a law that established key regulations for minimum wage, overtime pay, and child labor protections in the United States.
Step-by-step explanation:
The Fair Labor Standards Act (FLSA) is a United States federal law that was passed in 1938. The acronym 'FLSA' stands for Fair Labor Standards Act, which makes option (b) the correct answer to the question. The FLSA introduced important regulations regarding minimum wage, overtime pay, recordkeeping, and child labor laws applicable to both full-time and part-time workers in the private sector and in federal, state, and local governments. It aimed to ensure fair work standards and protect workers from exploitation by their employers. This act was crucial in the evolution of labor laws and workers' rights in the US.