74 DIFFERENT CONCEPTS OF INCOME Disposable income o people receive which they are able to make decisions about themselves, consume or save? Gross/Nominal income ● compulsory income tax ● Real income money income adjusted by the effects of change in the price level7.4 DIFFERENT CONCEPTS OF INCOME ⚫ Disposable income ⚫ people receive which they are able to make decisions about themselves, consume or save? ⚫ Gross/Nominal income ⚫ compulsory income tax ⚫ Real income ⚫ money income adjusted by the effects of change in the price level