Definition

Noun: - A government-imposed restriction on maximum prices: "Price control" refers to a legal limit set by a government on how high the price of a specific good, service, or range of goods can be. This measure is typically used during economic crises, such as periods of war or high inflation, to prevent prices from rising too rapidly and to protect consumers.

Usage

Price controls are implemented as an economic policy tool. - They are often established to combat inflation and ensure the affordability of essential goods. - The term is typically used in economic, political, and historical discussions.

Examples

• Noun:
  • The government introduced price controls on basic food items to protect citizens during the economic crisis.
  • During the war, price control was necessary to prevent profiteering on essential supplies like fuel and medicine.

Advanced Usage

• "to impose/enforce price controls": to establish or ensure compliance with price restrictions.
  • The administration moved to impose price controls on the housing market.
• "under price control": describing a good or market subject to these restrictions.
  • Gasoline was under price control for the duration of the emergency.

Variants and Related Words

• Price ceiling (n): A specific type of price control that sets the maximum legal price for a good. (A "price ceiling" is a form of "price control").
• Wage and price controls (n phrase): A policy that restricts both the increase in wages and prices.

Synonyms

• Price cap: A maximum price limit.
• Price fixing: While related, this often implies an illegal agreement between businesses, whereas "price control" is a government action.

Related Phrases

• Lift/remove price controls: To end the policy of price restrictions.
  • The government decided to lift price controls once inflation stabilized.

Noun

1. restriction on maximum prices that is established and maintained by the government (as during periods of war or inflation)