Price controls are set in place by governments, they set prices that can be charged for goods and or services in specific markets.

Price control has a dramatic correlation to any market. Our reading showed us their are different types which consist of price flooring and price ceiling. Prices shift throughout time to help balance the supply and demand. When government agencies create controls, demand can excess of ceilings and can also excess in the price floors.

A real world example would be renters during the COVID pandemic. Rents in certain cities may be rising and out of affordable ranges, in my example it would be COVID. COVID is lowering made wages, while landlords in New York city are raising rent due to less people being able to pay rent. Americans who rent will have to communicate to political workers to pass control laws.

Another example that I had to deal with in my first year of college was minimum wage. A price ceiling would be the highest amount charged by a product you would buy.

If there were no price ceilings imposed, goods or services would not stay affordable. During past hurricanes, stores charged the consumers 2-3 times the amount of a regular priced water bottle.

Do you agree or disagree with this discussion? And how do you approach this discussion?