Answer:
Money Income:
Money Income is the purchasing power in rupees during a given period of time. Money income is one of the important material resources of the family.
Money income may be in the following forms:
(a) Salary:
Monthly salary of all the members who are doing government or private services.
(b) Wages:
Daily, weekly or monthly wages.
(d) Interest:
Interest of the capital deposited in banks, post offices or from lending money.
(e) Profits:
Profits from investment either in business or any other sources.
(f) Sick Benefits:
Medical Allowances.
Real Income:
Real income is the flow of goods, services and community facilities available for a specific period of time. The concept of real income is very much important for family living. Real time consists of both producers and consumer’s goods.
The real income of the family consists of:
a. Inherited landed property, which yields crops for the family.
b. Food furnished by a kitchen garden.
c. Dairy farming and poultry farming.
d. Durable goods and commodities owned by the family.
e. Kneading, embroidery, tailoring, pickling, baking and activities carried out in home.
f. All types of knowledge and services (Household activities) provided by the members of the family.
The real income may be of two types:
(i) Direct Income:
It means a family receives different facilities without paying for them. For example, free well furnished house, telephone at residence, vehicle for private use, hospital facilities etc.
(ii) Indirect Income:
It refers to the commodities and services received by the family members on payment. For example, vegetables from the kitchen garden, milk from the diary farm etc. These things can be used by the family or may be sold in the market.
Psychic Income:
This income is the flow of satisfaction derived by the family from the use of money income and real income. This income is intangible and qualitative or subjective. This income is also called as Enjoyment income, experienced over a given period of time by the proper utilization of money income and real income.
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