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WotD: Price-gouging
Price-gouging means raising prices on goods or services to an unreasonable level, often during times of crisis.
This can happen when a sudden demand for certain products, such as food, water, or medical supplies, occurs due to natural disasters or public health emergencies such as the recent COVID-19 pandemic.
Price-gouging is considered unethical and is often illegal, as it takes advantage of consumers in desperate need.
In today’s world, we are experiencing rising prices due to inflation and ongoing trade issues, such as the US tariff war with almost every country.
These factors could open the door to price-gouging in various markets.
For example, if tariffs make imported goods more expensive, retailers may increase their prices even further, leading to price-gouging.
Businesses could justify their actions by citing their increased costs, which will hurt consumers struggling to make ends meet.
During times of inflation, price-gouging can become even more noticeable.
When people have to pinch their pennies, they are less likely to tolerate unfair price increases.
Governments need to recognize in real-time when price-gouging occurs, as it undermines the principles of fairness and competition in the marketplace.
Governments often enact laws to protect consumers from price-gouging, especially during emergencies.
These laws aim to prevent sellers from exploiting situations where people have limited choices.
The government of Japan took action during the COVID-19 pandemic to prevent price-gouging of surgical masks, for example.
As consumers, we must remain aware of price-gouging practices and report any suspicious price increases to authorities.
Flesch-Kincaid Readability Test
Your text compares in readability to The New York Times.
It is likely to be understood by a reader who has at least a 10th-grade education (age 16).
On the Flesch-Kincaid reading-ease test, this post scores 42.
The easier a passage is to read, the higher the score on a scale of 0 – 100.
