Texas Hold 'em Example
There are 10 players playing $4/$8 fixed limit. Alice pays the $2 small blind. Bob pays the $4 big blind. Carol is under the gun (first to act). If Carol has a hand like K♥ J♠, she may choose to fold. With 9 opponents remaining to act, there is approximately a 40% chance that at least one of them will have a better hand than Carol's like A-A, K-K, Q-Q, J-J, A-K, A-Q, A-J or K-Q. And even if no one does, seven of them (all but the two players in the blind) will have position on Carol in the next three betting rounds.
Now instead, suppose David in the cut-off position (to the right of the button) has the same K♥ J♠ and all players fold to him. In this situation, there are only three opponents left to act, so the odds that one of them has a better hand are considerably less (only around 16%). Secondly, two of those three (Alice and Bob) will be out of position to David on later betting rounds. A common play would be for David to raise and hope that the button (the only player who has position on David) folds. David's raise might simply steal the blinds if they don't have playable hands, but if they do play, David will be in good shape to take advantage of his position in later betting rounds.
Read more about this topic: Position (poker)
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