Money illusion refers to the phenomenon in which people tend to make economic decisions based on nominal values rather than real values. It is an important concept in economics, especially when it comes to understanding how people make decisions related to money. Synonyms for money illusion could include nominal value bias, inflation bias, price illusion, or monetary confusion. These all refer to the same idea that people's perceptions of the value of money are often influenced by nominal values rather than real values, which can lead to inaccurate decision-making. Understanding these synonyms can help economists and policymakers develop strategies to combat this bias and improve economic decision-making.