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Patrick and Mary wanted to become homeowners back in 2008 and applied for a loan from a mortgage lender. Patrick and Mary's combined income was $50,000 a year and their credit history was poor. They were approved for a mortgage loan but couldn't make the payments. This is an example of a result of _______.

Respuesta :

The information given in the question is an example of purchasing power.

  • Purchasing power simply refers to goods and services that a person can be able to buy with a given amount of money that the person has.

  • In this case, they have a combined income of $50,000 but this wasn't enough to purchase the house. This shows that they had a lower purchasing power.

  • Assuming the house was sold for a lesser amount than $50,000, then it'll be affordable for them.

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