Price controls
A form of government intervention in the economy in which a government agency uses its law-making power to regulate the prices at which otherwise voluntary private exchanges may take place.
General price controls-controls on prices of many goods-are often imposed when the public becomes alarmed that inflation is out of control. In the twentieth century, war has frequently been the occasion for general price controls.
Wage And Price Controls
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price control: government regulations that set maximum prices for commodities or control price levels by credit controls.
price discrimination: the practice of selling of the same product to different buyers at different prices.
Price controls Government mandated minimum or maximum prices that can be charged for goods and services.
price control a government law or regulation that sets or limits the price to be charged for a particular good. (3)
price discovery the process by which a market finds the equilibrium market price. (7) ...
Price controls - Government policies that attempt to hold the price in a particular market at a disequilibrium value.
Price ceiling - Usually refers to a government imposed limit on how high a price can be charged on a product.
Wage/Price Controls
An incomes policy in which wages and prices are constrained by law not to rise by more than a specified percentage.
Wage Stickiness ...
Price Controls
Prices are determined by market forces. Firms with monopoly power may be able to exploit their position and charge much higher prices.
Wage And Price Controls
Wages and prices are limited to some low percentage of growth through government regulation until they are deemed to be under control.
Wage Contour ...
Wage and price controls in Zimbabwe?
What pres declared control on wages?
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Price control
Intervention by a government to set the price in a market or limit its movement, thus attempting to override the market mechanism.
Price definition ...
One method often attempted is simply instituting wage and price controls, which were tried in the United States in the early 1970s.
Price ceilings (such as price controls and rent controls), price floors (such as minimum wage and living wage laws) and taxation are all said to create deadweight losses. Deadweight loss occurs when supply and demand are not in equilibrium.
President Nixon instituted wage and price controls, throwing off the ability of the markets to self-correct.
To fight inflation, the Fed kept raising the Fed Funds rate, reaching a peak of 20% in 1979.
Examples include price controls imposed by governments during periods of short supplies or high inflation; setting of shipping rates or fares; and collusion among suppliers or importers of a commodity to maintain price stability.
Black-market transactions typically occur as a way for participants to avoid government price controls or taxes, conducting transactions 'under the table'.
Definition: When the state interferes with the working of an individual market e.g. through price controls.
Related glossary term:
Intervention ...
The removal of government control on the conduct of economic activity in a particular sector, typically taking the form of rules or price controls. It implies that market forces take effect without any government restrictions.
Some of the more common types of government intervention includes taxes, price controls, assorted regulations, and control over government spending.
illegal commercial market in which goods or services are in short supply and buyers seek out sellers willing to sell at prices exceeding the equilibrium price or the price set by government price controls.
Dictionary of Business Terms
black market ...
Even though a good or service becomes outlawed or heavily regulated, the market may continue to demand it. As a result, the black market springs up to meet the market's demand. This is the case when governments place price controls, ...
 See also: Expense, Saving, Values, Banks, Equilibrium
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