Explain three elements of family income with suitable example of each

1.	Explain three elements of family income with suitable example of each and also write two ways of increasing family income.
Answer» Elements of family income are as follows: 1. Money Income: is the inflow of money in the form of cash, gifts, vouchers etc. available to the family. 2. Real Income: is the inflow of goods & survives available to a family with or without the use of money. example- car, community park, services of dinner etc. 3. 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

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

Answer»

Elements of family income are as follows:

1. Money Income: is the inflow of money in the form of cash, gifts, vouchers etc. available to the family.

2. Real Income: is the inflow of goods & survives available to a family with or without the use of money. example- car, community park, services of dinner etc.

3. 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

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