Difference between Nominal Income and Real Income?

Answer

Nominal income is the term used to describe an individual's wages based in a particular currency without factoring in inflationary or deflationary effects on the unit of measure. Real income is the term used to describe an individual's wages based on their actual purchasing power.
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1 Additional Answer
Ask.com Answer for: difference between nominal income and real income
The Difference Between Nominal & Real Income
Nominal income and real income are both important concepts when it comes to judging the value or returns on business operations and investments. Individuals rarely need to show much interest in the difference between real and nominal unless the long-term... More »
Difficulty: Easy
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