affordability

Meanings

• noun

  The quality or state of being able to pay for necessities or purchases.

• noun

  The ability to pay for something.

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Rhymes

Words rhyming with affordability
ability , practicability , viability

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Variants

List of all variants of affordability that leads to same result
affordabilities , affordability , affordable , affordably

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Etymology

origin and the way in which meanings have changed throughout history.

From Old French 'avoir' meaning 'to have' + 'de' meaning 'from' + 'facil' meaning 'easy'.

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Trivia

Any details, considerations, events or pieces of information regarding the word

1. The affordability of a product or service can be measured using the 'price-to-income ratio'.

2. The concept of affordability became more widely discussed during the 2008 housing crisis, as many people found themselves unable to afford homes despite having sufficient income.

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Related Concepts

informations on related concepts or terms closely associated with the word. Discuss semantic fields or domains that the word belongs to

1. Income: Affordability is closely related to income as it determines what one can afford to purchase or pay for.

2. Cost of Living: Affordability is also related to the cost of living, as it determines whether one's income is sufficient to cover the cost of necessities.

3. Housing Affordability: Refers to the ability of individuals and families to afford housing, including both rent and homeownership.

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Culture

Any cultural, historical, or symbolic significance of the word. Explore how the word has been used in literature, art, music, or other forms of expression.

Affordability is a significant concept in economics and personal finance. It is often discussed in relation to income levels, cost of living, and access to basic necessities such as food, shelter, and healthcare.

How to Memorize "affordability"

1. visualize
   

   - Imagine a budget with income and expenses, where affordability is the difference between the two.

2. associate
   

   - Associate affordability with the ability to comfortably pay for things.

3. mnemonics
   

   - Use the mnemonic 'AFFORD' to remember the definition: Ability For Frequent, Regular, or Desirable purchases.

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