The Economy: 11. Pricing and Discounting
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How Much Power Do Consumers Have to Affect Prices?
Prices go up and down depending on how much people want them or how much of it is available. Surge pricing is when there are a lot of people wanting the same thing at the same time, and if they're desperate for it, they'll be willing to pay a lot more. When prices go up, consumers do change their behavior - they want less of something because it gets more expensive. But we have to remember that businesses are also affected by inflation,. The inflation we're seeing now in the economy is largely driven by an increase in energy Prices really hit businesses quite hard.
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