What does a budget mean?

A budget may express a surplus, providing resources for use at a future time, or a deficit in which expenditures exceed income or other resources. The budget of a government is a summary or plan of the anticipated resources (often but not always from taxes) and expenditures of that government.

What does a budget mean in microeconomics?

A budget is a microeconomic concept that reveals the trade-off made when one good is exchanged for another. In terms of the bottom line—or the end result of this trade-off—a surplus budget means profits are anticipated, a balanced budget means revenues are expected to equal expenses, and a deficit budget means expenses will exceed revenues.

What does a budget include?

A budget is a calculation plan, usually but not always financial, for a defined period, often one year or a month. A budget may include anticipated sales volumes and revenues, resource quantities including time, costs and expenses, environmental impacts such as greenhouse gas emissions, other impacts, assets, liabilities and cash flows.