Family Economics And Consumer Education 3 (2+1)

Lesson 04 : Family Income

Concept of family income

Most of the consumers would consider salary or the average wage of only money though family income refers to all the other forms of income mentioned above come under the broad concept of the term “Family Income”.

Money and income are synonymous terms. However in real term money is only one of the aspects of income. It is an important financial aspect of which families use to acquire their goods and services. Money gives purchasing power to the consumers. Money is an indicator of economic and social status of families.