May 10, 2017 If you took the same Introduction to Economics class that I struggled through in college, you might remember this key lesson: The law of supply and demand states that a low supply and high demand for a product will typically increase its price. Why am I telling you about basic economic rules? Because changes in the supply and demand of products can result in the scarcity principle coming into play. This psychological principle of persuasion coined by Dr. Robert Cialdini means the rarer or more difficult to obtain a product, offer, or piece of content is,
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