PRICE GOUGING Meaning and
Definition
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Price gouging is a term used to describe the act of charging excessive or unfairly high prices for goods or services during times of increased demand or emergency situations. It refers to the practice of taking advantage of vulnerable and desperate consumers by inflating prices well above the normal market value.
In situations such as natural disasters, pandemics, or other emergencies when supplies are limited and demand is high, sellers may exploit the circumstances to maximize their profits. They do this by significantly raising prices, often to unreasonable levels, with no regard for the actual value of the goods or services being provided.
Price gouging is considered unethical and exploitative because it capitalizes on people's immediate needs and lack of alternatives. It can have detrimental effects on consumers who are already facing challenging circumstances, as their limited resources are further strained by exorbitant pricing. Additionally, price gouging can disrupt the equilibrium of the market, leading to market inefficiencies and hindering the distribution of essential goods and services to those who need them most.
Many governments and jurisdictions have implemented laws and regulations to protect consumers from price gouging. These laws typically define specific criteria or thresholds for what constitutes excessive pricing during emergencies and impose penalties on businesses found guilty of engaging in such practices. The goal is to safeguard consumers from unfair exploitation and ensure that essential goods and services remain affordable and accessible during times of crisis.
Common Misspellings for PRICE GOUGING
- orice gouging
- lrice gouging
- -rice gouging
- 0rice gouging
- peice gouging
- pdice gouging
- pfice gouging
- ptice gouging
- p5ice gouging
- p4ice gouging
- pruce gouging
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- prkce gouging
- proce gouging
- pr9ce gouging
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- prixe gouging
- prive gouging
- prife gouging
Etymology of PRICE GOUGING
The term "price gouging" is derived from two words: "price" and "gouge".
The word "price" originates from the Latin word "pretium", which means "value" or "price". It entered Middle English through the Old French word "pris" and eventually became the modern English word "price".
The word "gouge" has its origins in Old French as well, coming from the word "goujer", which means "to cut with a gouge". In turn, "goujer" is derived from the Late Latin word "gubia", referring to a chisel. Over time, the meaning of "gouge" expanded to include various forms of cutting or incising.
Similar spelling word for PRICE GOUGING
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