In macroeconomics, I understand that nominal wage (W) is your wage in dollars, while real wage (W/P) is what you can get for that wage (in apples, etc...). But is this the same thing as "nominal income" and "real wage"?
If so, can the nominal income go up while the real income declines? And what would be a proper example of this?
I've researched this question online, but all searches were fruitless and failed to explain this simply. All help is greatly appreciated. Thank you.