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Factors that affect the price of goods and services.
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[QUOTE="Good-Guy, post: 214856, member: 29109"] I think that there are various different sort of reasons for why prices of goods or commodities increase. It would be unfair to say that there is only one reason for that. Of course the manufacturing cost of goods is one of the main reasons behind that. I think that the cost of extracting raw materials is also a major reason behind why the prices of goods increase. For example, if the cost of gaining oil from Earth increases, this will obviously increase the price of petrol in the market due to the cost of gaining the crude oil from the ground. Apart from that, refining cost also matters. The same goes for manufacturing process of any material or product. Secondly, a high inflation can also affect the total prices of goods as a whole. Whenever the currency of a particular country becomes less powerful, its economy suffers on an international level. This could have a really huge impact on the markets in a country. As a result, prices will increase. Thirdly, one of the big reasons why prices of goods could increase is the monopoly of some countries. Almost each and every country imports products. When the prices are increased by the country that exports items, the prices increases. [/QUOTE]
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