Tag: supply
-
Why Can’t I Raise My Rates? Variables Affecting Supply
In my previous post, I discussed scarcity and introduced the role that supply and demand play in determining rates in the language-service market. We looked at an example or two and noted that language professionals (i.e. translators) make up the supply, while businesses, hospitals, law firms, governments, individuals, etc. comprise the demand. In this post,…
-
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…