Topic: How to reduce the price of goods - page 2. (Read 1610 times)

More perfect market competition can also be created by the government with the help of traders who do not like the monopoly system itself. Because when a system generally only benefits one party or certain parties, it is appropriate for the local government to eradicate it in order to create more normal and perfect market competition. Because a small part of society's difficulties arise from unreasonable or abnormal increases in the prices of goods and services over an uncertain period of time.

Even if there is a legal system, it is meaningless if it is not implemented. To ensure applicability, the control mechanism must work. The biggest problem is lack of control. When an inspection is carried out, necessary work is carried out and penalties are imposed on those who increase the prices of goods more than normal.

Another issue is that penalties are not deterrent enough. A company that makes a lot of profit because it increases prices continues to do its job to the detriment of society when it is inspected and fined by the state. Because the amount of penalties is not large enough to be a deterrent.

Every country has set up a strict legal system to prevent hoarding of goods, exports and other legal regulations, efforts to determine laws to provide justice to society and prevent the impact of high inflation. However, the country's legal system is not implemented properly, the government and businessmen can ignore the law to profit from the impact of inflation, they don't care about the economic conditions of the people and their role seems to be on the side of the people, but they open up space for exports without prioritizing the needs of local communities to reduce inflation . The government and businessmen are the main subjects that must be reviewed if your country has failed to improve the people's economy.

In many countries of the world, the price of food products has increased at a great rate.  Due to which it has become very difficult for middle class and low income people to run a family. I think the most beneficial way to bring down the price of goods is to tighten the law system in the country. Because of the weakness of the law various types of unfair activities take place in the country and businessmen are able to syndicate. And by stocking the product, the price of the product is increased rapidly, only if they are stopped, the price of the product will decrease

Prices of goods can't be low without lowing the corruption.Here are many leader which disappear  money from public money. Politics is major reason of  inflation.When one leader  give comfort the  public , opponents can't bear this ,then they stand hurdles against it and they think that if he give relief to the public ,then all public will be with him.As a result, inflation increases every 
year.Inflation also depends on landlords ,when they hide goods from  public ,then prices of things increases and then things are imported from other country . Imported items are taxed things and foreign country get benefit from this and it sell things to any country .The country whose economy is strong,the reason is only more exporting.The country whose economy is weak because of more importing.

Food prices are high not only in Nigeria but there are many countries in the world where food prices have doubled. And even here in the country where I live the prices of food items and various commodities have been rising and relatively doubling and more. As the people of the country are currently facing this problem, they are not able to buy food properly and are suffering from food problems and are suffering from various diseases. If they have to eliminate such problems, then the government must take steps so that the people of the country do not suffer from food shortages and diseases. When a person falls ill due to lack of food and dies as a result, it is the government of a country that is responsible. Where the government does not know how to take proper care of the people of the country, then the government should contribute the most because the country does not need that government.  And we know a country basically the government can change a lot if they help the farmers a little bit, they will produce food in the land and can eliminate food shortage a lot. But here the farmers must pay the government so that they can produce good crops and eliminate food shortages only then a country will not have food shortages.

In my opinion, such rulers are associated with a nation whose people become insensitive and prefer personal interest over collective interest. Where cruelty and injustice are common, and instead of uniting against cruelty and injustice, people start supporting the oppressors, there such thieves and cruel rulers rule. However, we should never despair, the people are also the source of real power. I think one of the main reasons for this is that people don't realize their power.

If the people whom we bring to power do not care about the people, then the biggest responsibility rests on the people to hold such people accountable. If the people are united, these corrupt politicians can never come to power, but it is a pity that these corrupt politicians divide our people. Using the same divide and rule formula, they impose their arbitrary decisions on us.

Monopoly is something that often happens in the market and for that reason the prices of goods continue to rise uncontrollably. Distributors always try to control the market and they try to store products and sell them when goods become scarce, so that in the end prices increase and are out of control. Sometimes they play leverage to try to take advantage of opportunities because when they are successful in entering the market and setting prices then it becomes easier for them. What's strange is that they actually got this influence after making deposits to certain parties and still they escaped the monitoring of the relevant parties.

In my country fertilizer is always monopolized by distributors and this fertilizer is a necessity for farmers to support the agricultural sector. When the fertilizer becomes increasingly scarce on the market because it has been sold out, they will try to release the fertilizer to the market and sell it at uncontrolled prices. Our government always tries to provide solutions, but the monopoly mafia still continues to do that and quite difficult to eradicate.

I agree with you, those who cause the price of goods to increase are those who monopolize the market for the benefit of a group of people and this is done by those who have power, they are very greedy and never think about the community at large, they only care about themselves. There needs to be an improvement in the government system to be able to think about the fate of the people because they can get salaries from the taxes that have been imposed on the community. It would be better if they used their policies which have benefits for the community, not only prioritize a group of people who hold power.

To reduce the price of foods, we should reduce also the corrupt politicians that enables monopoly in the economy.

We cannot simply reduce the price of goods if we lack in power, voice, and action. Let's admit the fact that the government we have don't care about it's country and citizens as long as they are getting what they want, money, of course. They want the power to control the society, to steal money from their people's taxes. I must say that this world we live in is hopeless, we only want power, money, and more money.

May God save us all.

Seeing your topic, I thought you want to share some tips on how to reduce the price of goods but felt disappointed after reading the post but it doesn't matter but your post is incomplete without you mentioning the specific areas where one person is sole distributor. Undoubtedly, price of goods have significantly increased but it's due to some factors and not the reason you gave above. In fact, I don't think there's any sector in Nigeria where one person is the sole distributor. Business is open to everyone and you can carryout your business as long as you have the means.

Going back to main discussion, the cost of food in Nigeria is attributed to over reliance on importation for staple crops like rice and wheat. Although, Nigeria has been working to increase domestic production of these crops, but it still relies heavily on imports despite the heavy and huge amount they're spending on agriculture. This reliance on imports can be affected by global economic conditions like changes in the exchange rate of the Nigerian naira as well as global supply chain disruptions.

To reduce this cost, government should invest in domestic production and work on the infrastructural development like roads for easier transportation of farm produce. This practice will definitely help to check on the price of foods and other commodities.

Monopoly has a great effect on price of commodity. In a monopoly system, price of a product can be raised anyhow without worrying about the actions of competitors. A perfect competitive market can help to reduce the effect of monopolist on price of goods and services.

I really hate monopoly in business, I really condemn it, in my country there are several individuals who can sell fertilizer and they manipulate fertilizer prices at will so that the prices of basic necessities such as rice, onions, vegetables and sugar continue to increase in price because prices fertilizer continues to increase even though fertilizer is produced smoothly and easily by them. the government must go directly to the field to control prices, I really praise the government for supporting the small businesses of its citizens, it is rare to find officials who care about the fate of their citizens.

The price of goods has massively inflated because of the mismanagement of economies by our governments. COVID was disastrous for the world economy & they tackled it by mindless money printing which caused a ripple effect of unprecedented inflation. We are on the verge of a 2008 style financial apocalypse. Something will break soon & only then will prices go down.

The cost and price of things are determined by the rule of supply and demand. Due to a small number of sellers or producers, commodities are more expensive where there is little competition. However, when there are plentiful supply, the market becomes unrestricted and prices drop. Less supply being maintained due to hoarding can affect the availability of commodities. The government should keep an eye on this matter, but if hoarders continue to operate secretly, the situation will worsen, harming both customers and government workers.

Quite a lot depends on the executive power in the country. If the country's economy has signs of capitalism, in which private producers of the food industry have benefits and there is no strict supervision over them, then control over the situation is needed. Private traders love to inflate the prices of their products and they don't care about ordinary people. At the same time, the only ones who can prevent them are the regulatory authorities on the part of the state. And it is important that such private owners do not have a monopoly, because with a monopoly there is no competition and no price ceiling. Such a manufacturer can inflate prices as much as necessary.

Food prices are very high in my country, I think it is mainly due to the high cost of various transports and the rise in oil prices which is causing the food prices to rise. Moreover, due to higher consumption of petrol or electricity in various factories and various machines for food preparation, everything increases in price. So the charges of all the products reach a high level as it takes expensive cost to manufacture them. But if the government takes good steps in agriculture, then the price of food items can come down, but the government is unable to take such steps. For which food prices are constantly increasing, and charges are being increased with all kinds of products. And in order to bring the food prices under control, the crops must be grown in the land first and the farmers have to take good steps only then it is possible to bring the high food prices under control.

I believe that increase in energy prices affect so many sector that it sometime affects the price of goods much more than anticipated, there are many cases where quite literally a small amount of increase could affect the overall price of goods tremendously but when the price of energy is decreasing the price of these goods aren't reducing instead they just stay.
thats the silly thing with current pricing of many goods, even more so with basic needs.
there is reason why many country always on the lookout of the price of the fuel, to prevent much more inflation from seeping into their economy.

An increase in energy prices which would in turn, affect the transportation of goods and raw materials could very well have a hand in the rise in the prices of goods. But I doubt it’s often the cause of rise in prices. Not trying to downplay the fact that cost of transportation could also affects prices but money spent in the purchase of raw materials as well as the actual production costs are more likely to affect the prices of goods.



Monopoly in the market has just one advantage to the consumer that I can think of. Stable prices of goods. Without a healthy competition, there wouldn’t be much use to be innovative. Companies wouldn’t have much interest in increasing the standard and quality of goods produced and would be more focused on increasing the quantity, hence the stable prices.
Monopoly in the market is not good as the sole organization that enjoys monopoly would be raking in profits at the expense of the consumer.

A concerned government will do everything they can to reduce the price of goods. They've got good economic experts that they'll task to do what's right.
And it's a domino effect that wherein an exact sector of the economy should be adhere to solve this problem of increase price of goods.

While that's true, it's also due to the global rising of goods and that's also causing the most of the countries higher inflation rate.