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Factors that affect the price of goods and services.
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[QUOTE="Jasz, post: 231720, member: 61772"] There are several factors that affect the price of goods and services, including: -Supply and demand: The basic law of supply and demand states that when there is a higher demand for a product or service, prices rise. Conversely, when there is a higher supply (excess supply) of a product or service, prices fall. -Market conditions: This includes the state of the economy, whether it is growing or in recession. For example, if the economy is strong, people are more willing to spend money on goods and services. This can lead to an increase in the price of products and services as business owners raise prices to take advantage of this increased spending power. -Competition: If there are many competitors offering similar products or services, they often have to lower their prices in order to stay competitive. Over time, this can lead to lower prices on goods and services as one competitor lowers their price to gain market share and others follow suit. -Costs: Businesses need to cover their costs before making a profit. The cost of raw materials, labor, transportation, etc. can lead businesses to raise the price of their products or services over time in order to make up for these costs. [/QUOTE]
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