Tag: scarcity
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Why Can’t I Raise My Rates? Variables Affecting Demand
As with supply, at the most rudimentary level, demand for translation services varies with the market price. If translations are relatively inexpensive, demand will tend to grow. If the cost of services goes up, demand will typically fall. This is a simplification, but it provides a starting point for understanding the other side of the…
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Why Can’t I Raise My Rates? The role of scarcity
The first post in this series introduced the economic concept of elasticity as a way of understanding the limitations that freelancers face when attempting to raise the rates that they charge. Two extremes were discussed: a monopoly, where one translator dominates the market and faces no competition; and a highly competitive market, where thousands of…