Economics is the study of the flow of goods and services in market conditions. It is the study of production, supply, distribution and the consumption of goods and services in an economy. Price gouging is one of the many topics and areas of economics. Simply put, it is a term which refers to the unjust and unfair pricing of goods and services. In legal terms it refers to prices being charged so high that it is considered a crime that applies during US civil emergencies.
An economics and price gouging term paper may have been assigned to you in your economics course. It can be taken as an argumentative topic due to the nature of the subject matter and practice. Since it is a relatively controversial and debatable topic, students don’t know how to go about researching and writing this topic. This article will help you in writing an economics and price gouging term papers.
The need for profit is perhaps the greatest driving force in the economy. Without this desire there would be little point in conducting business. In your economics and price gouging term paper discuss how the profit motive plays a role in determining prices.
Price gouging is not smart economics. It is instead an inefficient and poor allocation of resources that does not make any economic sense. It is in-fact contrary to all economic laws and principles, yet it is practiced. Discuss which laws and principles are being violated in your economics and price gouging term paper.
Mention the laws against this practice in your economics and price gouging term paper. Different countries have different laws while some may not have any restrictions altogether. In some cases the law enforcing authorities and other regulatory bodies are given the right to uphold the constitution.
There are some parties and groups that oppose the laws against price gouging. They argue that these are individual rights to raise prices and the government should not interfere. Some free market economists argue that high prices indicate the best allocation of scare resources.
You can even write how price gouging and price discrimination differ in their intricate details and scenarios for your economics and price gouging term paper. Highlight the differences and usages between the two.
Finally, you can depict your stance and point of view on the topic. This is a classic argumentative approach that can be applied in the economics and price gouging term paper.