What are some of the financial issues that arose before and after Hurricane Irma? Check out this Tampa Bay Times article from the week before the hurricane, where Florida Attorney General Pam Bondi discussed some of the price gouging complaints that she had received. Also, watch the CNBC video. Search the Tampa Bay Times for other examples of "price gouging" that occurred during the hurricane or other times. What are the implications? How do you feel as a consumer? Does "price gouging" make you feel differently about a company? How will it impact your future buying decisions?
Financial Literacy Standards and Economics Questions (EQs)
SS.4.FL.2.6 Predict how peoples spending choices are influenced by prices as well as many other factors, including advertising, the spending choices of others, and peer pressure. How might price gouging influence your future spending?
SS.8.FL.2.1 Explain why when deciding what to buy, consumers may choose to gather information from a variety of sources. Describe how the quality and usefulness of information provided by sources can vary greatly from source to source. Explain that, while many sources provide valuable information, other sources provide information that is deliberately misleading. Consider the information you collected from various articles in the newspaper or other online sources. What did various sources say about price gouging?
SS.8.FL.2.2 Analyze a sources incentives in providing information about a good or service, and how a consumer can better assess the quality and usefulness of the information. What is the motive of the person writing the article? Consider the Pam Bondi article. As the Attorney General, why would she be interested in speaking out against price gouging? How do consumers know what information to trust?
SS.912.FL.2.4 Describe ways that consumers may be influenced by how the price of a good is expressed. Consider the information you collected from various articles in the newspaper or other online sources. What did various sources say about price gouging? How might this information influence future decisions?
Deborah Kozdras, Ph.D.