Question

Differentiate between money income and real income. Give one example of each.

Answer 1

Answer:

➡️Nominal income is what one is getting paid. 

➡️Real incomeis the amount of money one really get after factoring in inflation.

➡️Thus, nominal income will always be more than real income. 

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Answer 2

Money Income and family income are types of the Family Income.

• Family income is widely regarded as a leading indicator of a country's economic well-being. It has been categorized into three types:

1. Money income
2. Real income
3. Psychic income

• Money Income:

1. The purchasing power of rupees over a given time period is referred to as money income.
2. Money is one of the most important material resources for a family. All gains received in the form of rupees, coins, or notes over a specific time period, such as daily, weekly, or monthly, are included in the family's money income.  
3. All monetary revenue, such as salary or wages, housing rent, gifts, interest earned on bank accounts, and other investments are some examples of money income.

• Real Income:

1. The flow of products, services, and community facilities available for a defined period of time is referred to as real income.
2. For a family to live comfortably, the concept of actual income is critical. Both producers and consumers' items are represented in real time.
3. For example: A family's heirloom landed property that generates crops. The food comes from a kitchen garden. Two of the most prevalent types of farming are dairy and poultry farming. Durable goods and commodities owned by the family, etc.