What do you mean by family income? Differentiate between money income

1.	What do you mean by family income? Differentiate between money income and real income. Give two examples of each.
Answer» Family Income:-It is that stream of money, goods services and satisfaction that comes under the control of family, to be used by them to satisfy needs, desires and to discharge obligations. Money Income:- Income that family acquires in the form of money over a fixed period of time. E.g. wages, bonuses, pay, rent etc. Real Income:-It is the flow of commodities and services available for the satisfaction of human wants over a given period of time. E.g. Direct Income and Indirect Incomes.

What do you mean by family income? Differentiate between money income and real income. Give two examples of each.

Answer»

Family Income:-It is that stream of money, goods services and satisfaction that comes under the control of family, to be used by them to satisfy needs, desires and to discharge obligations.

Money Income:- Income that family acquires in the form of money over a fixed period of time. E.g. wages, bonuses, pay, rent etc.

Real Income:-It is the flow of commodities and services available for the satisfaction of human wants over a given period of time. E.g. Direct Income and Indirect Incomes.

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