Real income and money income 

Real income
Money income
Real income is purchasing power of our money income.
Nominal income is income expressed in money terms.
In real income the inflation rate is also been adjusted.
Nominal income is the monetary income before the deduction or accounting of inflation.
Real income tells us our actual capacity to spend in the amount of goods and services.
Nominal income only tells the amount of money that we have received either as salary or business profit.
Real income is measured in constant dollars
It is income measured in current dollars.

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