Yield management
This refers to a pricing strategy where the prices of goods are set according to the intensity of consumer demand at any point in time. Airline seats, for instance, are sold at different prices on different days based on what travellers are willing to pay. Critics of yield management argue that it is an unfair business practice that needs to be banned as it exploits consumers. Its supporters, however, believe that effective yield management helps to maximise the revenue of the seller and also makes sure that scarce resources are allocated to the most urgent needs of society. The term was coined by American businessman Robert Crandall.