Prices go up when things are hard to find. Imagine you really want a toy, but only one is left in the store. If it's your favorite toy, you might pay more just to get it, that's like how prices work during shortages. When there are fewer items and lots of people want them, sellers know they can charge more.
Examples
- A football stadium sells out for a big match, tickets go up in price.
- Everyone wants a new phone, but only a few are available, so it costs more.
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See also
- What happens when supply goes up?
- How does supply and demand influence market prices?
- What is shortage?
- Why Do Prices Change So Much When We're All Just Trying to Buy Stuff?
- Why Are Some Things Always More Expensive?