what is the difference between real money & nominal money?
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Answer Posted / amrutha
nominal money is related to the measure of counting. nominal
figure is what is written on the bill. where as real money
relates to it's purchasing power.
for eg:
if 10 units in nominal money can buy 2 chocolates in 1980 and
1 chocolate in 2000, in the same way, 10 units of nominal
money is 10units of real money in 1980 and 5 units of real
money in 2000.
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