The price of goods and services in different countries depends on the type of market that exists and the relationship between supply and demand. Demand refers to how much of a product or service consumers want to buy, while supply represents how much the market can offer. Prices are influenced by many factors that can affect both demand and supply, such as incomes, tastes, prices of substitutes and complements, advertising, costs of production, technology, and government policies.

1. CONSUMER AFFAIRS Factors that Influence the Price of Goods and Services Presented by Mr. D. Gooden

2. Different countries govern differently…prices of goods are the same

3. Price Formation of Goods The price of goods and services in different countries is dependent of the type of market that exists. A market is a place where people (vendors) take their goods and sell it to people. It is a physical place where people buy and sell eg. May Pen Market A market can also be seen as any environment where trading takes place eg. over the internet, at a backyard sale or between two students on the school compound.

4. Price Formation of Goods

5. Price Formation of Goods The price of goods and services in different countries is also dependent on the demand and supply of the goods and services. What is demand? Demand refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price.

6. Price Formation of Goods The price of goods and services in different countries is also dependent on the demand and supply of the goods and services. What is supply? represents how much the market can offer. The quantity supplied refers to the amount of a certain good producers are willing to supply when receiving a certain price

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