16:22
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Simple English definitions for legal terms
profiteering
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A quick definition of profiteering:
Term: PROFITEERING
Definition: Profiteering is when someone takes advantage of a situation where goods are scarce or in high demand to make a lot of money by selling those goods at very high prices. This often happens during times of war or other emergencies. A person who does this is called a profiteer.
A more thorough explanation:
Definition: Profiteering is when someone takes advantage of a special situation to make a lot of money. For example, during a war, some people might sell things that are hard to find at really high prices.
Examples:
- During a natural disaster, some stores might charge a lot of money for things like water and batteries because they know people need them.
- When a new video game console comes out, some people might buy a lot of them and then sell them for a lot more money than they paid.
These examples show how people can use a special situation to make more money than they should. It's not fair to charge a lot of money for something that people really need or want, especially if it's hard to find. That's why profiteering is often seen as a bad thing.