The ability of the public to be able to purchase a commodity or property is called ______________ purchasing power.

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16-08-2022
Business

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The ability of the public to be able to purchase a commodity or property is called ______________ purchasing power.

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QWCyan QWCyan · Answer 1 · 2022-08-19T18:53:24+02:00

The ability to purchase a commodity or property is called effective purchasing power. The purchasing power is called effective as the person has the means to make the sales effective. He has the money, resources, and need for the product to make the sale possible.

Sometimes the person may have a need for the product but may not have the money to pay for it. In this case, the sales cannot be made effective. So even though there is a need this cannot be called effective purchasing power as the sales will not be effective. Only if he is able to make the money to buy the commodity it will be called effective purchasing power.

So for effective purchasing power to be present, there should be a combination of money, resources, and need for the product. So a combination of all these three factors will result in the sale being made effective.