Economic Definition of budget. Defined.
Offline Version: PDF
Term budget Definition: A statement of the financial position of an entity--especially household, business, or government--based on estimates of anticipated revenues and expenditures. A budget is balanced if the revenues and expenditures are equal. A budget deficit arises if expenditures exceed revenues and a budget surplus exists if revenues are greater than expenditures.
« Brookings Institution | budget constraint »
Permalink: https://glossary.econguru.com/economic-term/budget