Power PC News

Affordability

Affordability refers to the extent to which something, typically a good or service, is financially accessible to a consumer. It is measured by the relationship between the cost of the item and the income or financial resources of the individual or household seeking to purchase it. In economic terms, affordability often examines whether people can afford basic necessities, such as housing, food, healthcare, and education, without compromising their financial stability. Factors influencing affordability include income levels, prices, inflation, availability of credit, and economic conditions. When affordability is low, it can lead to financial strain, limiting access to essential services and contributing to issues such as poverty and inequality. Evaluating affordability is crucial in policy-making, urban planning, and social services, as it helps identify gaps and assist those in need of better access to essential goods and services.