Price Gouging

What is price gouging?

• Providing discounts during a crisis

• Charging excessively high prices for goods or services, usually during times of crisis.

• Selling goods at regular prices

• Offering fair prices for essential items

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Is price gouging legal?

• Price gouging is only legal on weekends.

• Yes, price gouging is legal.

• No, price gouging is not legal.

• Price gouging is legal if the seller is wearing a hat.

What are some examples of price gouging?

• Providing free hand sanitizers to customers during a pandemic

• Offering discounts on essential items during a natural disaster

• Selling face masks at regular prices during a health crisis

• Selling hand sanitizers for ten times their normal price during a pandemic, or charging exorbitant amounts for bottled water after a natural disaster.

How does price gouging affect consumers?

• Price gouging affects consumers by leading to higher prices for essential goods and services during times of crisis or high demand.

• Price gouging leads to lower prices for essential goods and services

• Price gouging results in increased availability of essential goods and services

• Price gouging has no impact on consumers

Tags

CCSS.RI.7.1

CCSS.RI.8.1

CCSS.RI.8.8

CCSS.RL.8.1

CCSS.RL.9-10.1

What are the consequences of price gouging?

• Positive consequences such as increased consumer trust

• Enhanced company reputation

• No consequences at all

• Negative consequences such as exploitation of consumers, damage to a company's reputation, legal repercussions, and economic instability.

Are there any laws against price gouging?

• No, price gouging is legal in all circumstances.

• Yes, but only during regular business operations.

• Yes, but only if the seller is a large corporation.

• Yes, many states have laws against price gouging during emergencies or disasters.

How can consumers protect themselves from price gouging?

• Ignore prices, trust all deals, don't compare prices

• Research normal prices, be cautious of deals, compare prices, report suspected price gouging.

• Believe all prices are fair, don't research, don't report

• Assume all prices are accurate, don't be cautious, don't verify

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

What are some ethical considerations related to price gouging?

• Providing fair market value, ensuring equal access to goods, promoting competition

• Offering discounts to loyal customers, implementing dynamic pricing strategies, following market trends

• Exploiting vulnerable individuals, taking advantage of a crisis for personal gain, potentially causing harm by limiting access to essential items

• Supporting local businesses, adjusting prices based on demand, maximizing profits

Tags

CCSS.RI.7.1

CCSS.RI.8.1

CCSS.RI.8.8

CCSS.RL.8.1

CCSS.RL.9-10.1

How can price gouging be prevented?

• Ignoring the issue

• Encouraging price hikes

• Promoting monopolies

• Implementing laws and regulations

What role does government regulation play in controlling price gouging?

• Government regulation sets laws and regulations to limit price increases during emergencies.

• Government regulation encourages price gouging

• Government regulation has no impact on price gouging

• Government regulation promotes unfair pricing practices