Budget generally refers to a list of all planned expenses. A budget is an important concept in microeconomics, which uses a budget line to illustrate the trade-offs between two or more goods
The balancing of the national budget has become important as a popular campaign promise among American politicians in recent years. Talk of a Balanced Budget Amendment began in the 1990s but has never been carried to fruition.
As an adjective, budget means that something is low-priced so that people who are spending their money carefully, being on a tight budget, can buy the item instead of a more expensive form of the item. One example would be the car rental firm known as "Budget Rent-A-Car". Budget items, aside from being of less luxurious quality, are often reduced in packaging (or in design features that display social prestige rather than utilitarian function) in order to cut costs.
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