Family income consists of money earned and goods/services received by family members over a period of time. The two main types of family income are money income, which includes wages and salaries received in currency, and real income, which refers to goods and services available to satisfy family needs. Real income sources include services like cooking, carpentry, and tutoring.

1. Sources of Family
Income

2. Family Income
Experts in economics define it as the
money earned plus the goods and
services received and created by the
family members during a specific
period of time.

3. The two major types of family income:
The two major types of family income
are money income and real income

4. What is money income?
Money income is the type of income that
is in the form of currency, bills, coins, and
cheques usually received in the form of
wages or salaries.

5. What is real income?
Real income is the type of income that is the
form of flow of goods and services available.
Real income is also used for the satisfaction of
wants and needs of the individual or family.

6. Sources of real income:

7. Sources of real income:

8. Sources of real income:

9. Sources of real income:

10. Services may be in form of the following:
Cooking Carpentry Tutoring