Income-Based Pricing is a pricing strategy where the cost of a product or service is determined based on the income level of the consumer. This approach aims to make essential goods and services more accessible to individuals with lower incomes, ensuring that pricing is fair and equitable. By adjusting prices according to income, businesses can attract a broader customer base while promoting social responsibility. This method is often used in sectors like healthcare, education, and housing, where affordability is crucial for many consumers.