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Defense Production Act of 1950

A U.S. law that gives the President broad powers to direct industrial production for national defense and emergencies, including controlling material distribution and prices.

Price gouging

The practice of significantly increasing the price of goods, services, or commodities to an unfair level, especially during an emergency or after a natural disaster.

Acute shortage

A sudden and severe lack of supply for a particular item, caused by events like disease, natural disasters, military conflicts, or supply chain disruptions.

Critical good

An essential item, such as consumer food, medical supplies, emergency services, or energy resources, that is vital for personal, family, or public health and safety.

Scarce material

A material designated by the President as being in short supply, which may be subject to government controls under the Defense Production Act.

Gross disparity

A very large or obvious difference between two things, in this case, between the price of an item during a crisis and its price just before the crisis.