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Why do some domain names are really cheap like ".com" and some are really expensive like ".am"?

Is there a way to make them cheaper ? - who is deciding the prices for registering those domain names ?

Public Comments

  1. ICANN is behind the domain names, but am not sure whether they are deciding the price of it. .com is a globally recognized extension and it is commercial one, so the price is low. Other like .am indicate countries or some other.. and the price varies.
  2. .com refers the commercial sites so it is expensive .am indicates countries you can check domain prices here http://www.securepaynet.net/domains/search.aspx?prog_id=456994
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