Question

Explain three elements of family income with suitable example of each and also write two ways of increasing family income.

Answer 1

There are following three Elements of family income :
1. $\textbf{Money Income}$ : Money income is the inflow of money in the form of cash, gifts, vouchers etc. available to the family.

2. $\textbf{Real Income}$: real income is the inflow of goods and survives available to a family with or without the use of money. example- car, community park, services of dinner etc.

3. $\textbf{Psychic Income}$: it is the satisfaction which is derived after utilizing money
income and Real Income by the family.

Ways to increase family income:
1. Part time jobs
2. Growing vegetables in kitchen garden
3. Taking tuitions
4. Investments in small saving schemes
5. Using community facilities etc..

Answer 2

Answer:

Following points explain the importance or benefits of personal selling:

Two-Way Communication: ADVERTISEMENTS: ...

Personal Attention: ...

Detail Demonstration: ...

Complementary to other Promotional Tools: ...

Immediate Feedback: ...

Individual Services: ...

Flexibility: ...

Customer Confidence: