Family income is defined as the money earned and goods and services received or created by family members over a period of time. There are two main types of income - money income, which includes wages and salaries, and real income, which consists of goods and services available for satisfying wants and needs. Real income can come from goods like fresh produce from farms or gardens, eggs and meat from livestock, or gifts, and from services like construction work, tutoring, or cooking.

1. Sources of Family
Income

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

3. Types of 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.

4. Real income is the type of income that is in the form
of flow of goods and services available. Like money income,
real income is also used for the satisfaction of wants and
needs of the individual or family.

5. There are different sources of real income, depending on the
goods and services available. Goods may be in the form of the following:
1. fresh fruits and vegetables from a farm or a backyard garden;
2. eggs from raising poultry;
3. meat from livestock farms;
4. goods received from rendering services; or
5. goods received as gifts or donations.

6. On the other hand, services may be in the form of the following;
1. carpentry, plumbing, painting, or electrical installations;
2. tutorial services; or
3. baking, cooking, or catering services.

7. REAL INCOME
Goods

8. Services