Question

When supply is low and demand for goods and services are high, prices increase. As a consumer, what goods and services are most important to you? What goods or services are you willing to pay high prices for? Explain your answer.

Answer 1

Depends on the situation

Look at Maslow Pyramid.. if you can fulfill your basic need (food, water, clothes, shelter).
You will start to get into the higher level like security, relationships, etc.