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- QUESTION
Please write a discussion post about given topic down below and also watch 3 provided video as well. This is discussion post not an essay or paper so please write this accurately. Provide some examples as well when you write this discussion. Please do not use outside resources.
Instructions and topic provide by Instructor:
Discussion: Is Price Gouging Bad?
Many states have laws against price gouging that say in the wake of a natural disaster like a hurricane, or a typhoon, or an earthquake, vendors may not increase the price of basic supplies such as bottled water, batteries, flashlights, gasoline for people's cars, and etc. Meanwhile, there are disagreements about whether these laws are a good idea.
What do you think about anti-price-gouging laws?
Should shop owners be free to raise prices in the aftermath of a hurricane for bottled water? Or should the law prevent that?
Share your thoughts.
Watch these 3 videos:
https://www.youtube.com/watch?time_continue=9&v=K8jaWoBfFzc&feature=emb_logo
https://www.youtube.com/watch?time_continue=1&v=gn6NSTCA840&feature=emb_logo
https://www.youtube.com/watch?time_continue=1&v=_2STbdWkgyg&feature=emb_logo
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| Subject |
Business |
Pages |
3 |
Style |
APA |
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Answer
Price gauging often occurs before or after disasters such as hurricanes, floods, earthquakes, and pandemics such as the current COVID- 19. The ability of the catastrophes to interrupt the supply line and consumer panic buying behavior results in a shortage of various essential commodities such as water, thus leading to increased demand than what the current supply quantity cannot meet. Price gouging is unethical but not bad from a business perspective. Ethically, increasing prices during such situations can be seen as taking advantage of people already struggling to survive. However, from a business perspective, price gauging results in increased incomes for the business and also provides an avenue through which the shortage can be addressed
If bottled water goes up as a result of a hurricane, the increase in price will provide incentives for businesses across the area and in adjacent regions to supply their water to the affected area to make profits. Their desire for increased income will inadvertently lead to an increase in the supply of commodities that were already facing a shortage. The allure and need for the extra profits will motivate businesses to incur the extra freight costs to ensure they reach the market. Due to the laws of demand and supply, the increase in supply will lead to an immediate reduction in the price of the commodity.
Anti-price gouging laws, signed by various states, protect their citizens from what they feel is extortion by business people and, therefore, more political than economical. Politicians are aware that people have more votes than the businesses, and consequently, they pass such laws to appease the people. From an economic standpoint, price gouging is not bad as it provides an incentive for businesses in the area to seek the commodity, a move that helps solve the shortage there.
References
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Appendix
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Appendix A:
Communication Plan for an Inpatient Unit to Evaluate the Impact of Transformational Leadership Style Compared to Other Leader Styles such as Bureaucratic and Laissez-Faire Leadership in Nurse Engagement, Retention, and Team Member Satisfaction Over the Course of One Year
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