Question
The flow of goods and services in a family at a particular time:
The correct answer is
real income
Defining Flow of Goods and Services
The question asks for the term that describes the quantity of goods and services a family acquires or consumes over a specific duration.
Understanding Real Income
Real income refers to the purchasing power of a person's income, measured in terms of the actual quantity of goods and services that can be bought with it. It directly represents the 'flow of goods and services' available to a family at a particular time, adjusted for price changes.
Key Income Concepts Explained
- Money Income: This is the nominal amount of money earned or received, like wages or salary. It doesn't account for what it can actually buy.
- Real Income: This reflects the volume of goods and services the money income can command. It is the most relevant concept for the 'flow of goods and services'.
- Psychic Income: This is the non-monetary satisfaction derived from work or income, such as enjoyment or status.
- Physical Income: This term is less standard in economics compared to real income, but generally refers to tangible goods received. However, 'real income' is the established term for purchasing power over goods and services.
Therefore, the flow of goods and services in a family at a particular time is best represented by real income.
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Important Questions from Business Management and Human Resource Management
- The Contingency approach is also known as ________
- Due to the fibrous surface, threads made from spun yarn possess following properties :
(A) Highly elastic properties
(B) Good sewing performance
(C) Good dimensional stability
(D) Good stitch locking properties
Choose the correct answer from the options given below : - Types of belts included under "Tie Belt" category :
(A) Spaghetti
(B) Straight tie ups
(C) Bias belt
(D) Contour belt
(E) Rever belt
Choose the correct answer from the options given below : - Match List - I with List - II.
List - I List - II (Novelty Yarn) (Structure) (A) Flock Yarn (I) Short thick pile yarn with soft velvety appearance (B) Chenille Yarn (II) Single yarn in which small tufts of fibers are inserted at regular intervals. (C) Core-spun Yarn (III) Base is heavy and coarse yarn. The effect yarn is curled up around the base and is held by the binder yarn. (D) Loop Yarn (IV) Base yarn is completely covered or wrapped by another yarn
Choose the correct answer from the options given below : - Match List - I with List - II.
List - I List - II (Types of pockets) (Characteristics) (A) Flap pocket (I) The opening is visible like a slot and can be finished with a rectangular piece of fabric standing upwards from the pocket edge. (B) Welt pocket (II) The opening is covered with flap, which can be left open or buttoned down (C) Bound pocket (III) It is applied on the face (right) side of the garment and can be made in any number of shapes (D) Patch pocket (IV) It looks similar to a large bound button hole with two pleats of fabric meeting at the centre of the opening.
Choose the correct answer from the options given below :
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