A perfect market may be defined as a market where neither the sellers nor buyers can influence the prices of goods and services because they are many in number. It is also called competitive market or perfect competition. In such a market, identical goods are sold by many sellers at a common price.

Money Income in economics is the price of inputs such as fixed supply such as land, the principal or even a unique talent such as a footballer or musicians while Real Income is the amount of goods and services that a person can acquire through their monetary income.