What does price gouging mean?

Definitions for price gouging
price goug·ing

This dictionary definitions page includes all the possible meanings, example usage and translations of the word price gouging.

Princeton's WordNet

  1. price gougingnoun

    pricing above the market price when no alternative retailer is available

Wiktionary

  1. price gougingnoun

    The act of or an instance of charging services or pricing goods at unreasonably high prices.

ChatGPT

  1. price gouging

    Price gouging refers to the practice of significantly and excessively raising the prices of goods, services, or commodities to a level much higher than is considered reasonable or fair. This usually occurs after a demand or supply shock in situations such as crises or disasters. It's often considered exploitative, unethical, and in many jurisdictions, illegal.

Wikidata

  1. Price gouging

    Price gouging is a pejorative term referring to a situation in which a seller prices goods or commodities much higher than is considered reasonable or fair. This rapid increase in prices occurs after a demand or supply shock: examples include price increases after hurricanes or other natural disasters. In precise, legal usage, it is the name of a crime that applies in some of the United States during civil emergencies. In less precise usage, it can refer either to prices obtained by practices inconsistent with a competitive free market, or to windfall profits. In the Soviet Union, it was simply included under the single definition of speculation. The term is similar to profiteering but can be distinguished by being short-term and localized, and by a restriction to essentials such as food, clothing, shelter, medicine and equipment needed to preserve life, limb and property. In jurisdictions where there is no such crime, the term may still be used to pressure firms to refrain from such behavior. The term is not in widespread use in mainstream economic theory, but is sometimes used to refer to practices of a coercive monopoly which raises prices above the market rate that would otherwise prevail in a competitive environment. Alternatively, it may refer to suppliers' benefiting to excess from a short-term change in the demand curve.

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Numerology

  1. Chaldean Numerology

    The numerical value of price gouging in Chaldean Numerology is: 2

  2. Pythagorean Numerology

    The numerical value of price gouging in Pythagorean Numerology is: 5

Examples of price gouging in a Sentence

  1. Prime Minister Benjamin Netanyahu:

    The outline that we will submit assures a competitive price and prevents the possibility of price gouging, for their part, the private companies need to know that we will not compromise on the rights due to the state from its gas treasures. This is the right and necessary balance that we will advance as quickly as possible.

  2. New York:

    Ayanna Pressley should cancel all of it. The problem is inflation might shoot up because we don't yet have guardrails in place for price gouging.

  3. Robert Weissman:

    This agreement falls short of what Americans want and deserve to stop Big Pharma price gouging, but it is a positive step forward nonetheless.

  4. President Biden:

    We understand Putin's war against the people of Ukraine is causing prices to rise. We get that. That's self-evident. But it's no excuse to exercise excessive price increases or padding profits or any kind of effort to exploit this situation or American consumers, russia's aggression is costing us all, and it's no time for profiteering or price gouging.

  5. Deputy Attorney General Jim Davis:

    We had a team go out immediately and we found out there was some truth to the claim that there was price gouging going on at the hotel.


Translations for price gouging

From our Multilingual Translation Dictionary

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"price gouging." Definitions.net. STANDS4 LLC, 2024. Web. 4 Mar. 2024. <https://www.definitions.net/definition/price+gouging>.

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