What is meant by purchasing power of customers ?
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Purchasing power of customers can be defined as the financial ability of the customers to buy goods and services by making payment using a legal tender or unit of currency (money).

Explanation:

Economic forces can be defined as the factors that influence and determine the level of success, competitiveness and the direction of the economy in which a business firm operates in.

Basically, economic forces include factors such as; inflation rate, standards of living, unemployment rate, credit, law, tax rates, government policies, income distribution and purchasing power in a particular country.

Purchasing power of customers can be defined as the financial ability of the customers to buy goods and services by making payment using a legal tender or unit of currency (money).

Simply stated, it's the amount of goods and services that a customer can buy with a unit of currency (money) at a particular period of time.

One of the functions of money is it being a store of value because it allows the purchasing power of consumers to be transferred from the present to the future.

Hence, money being a store of value makes it possible to transfer purchasing power between traders and buyers from the present to the future.

In conclusion, the purchasing power of a customer is the amount of money that he or she has to spend in buying goods and services.

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