Question

Economics help?!!!!!!

Answer 1

Budgeting is important in my life because money is an important resource and it needs to be managed well.
It was easy because it was not real. Maybe when I become an adult, it will become difficult.
A large purchase credit will take a big part of the budget. The interest will take out those parts intended for things which means that I will have to make cheap purchases for those items that can be adjusted.

Answer 2

Answer:Budget is a financial statements indicating estimated and sizes of anticipated revenue and proposed expenditure for a period of time.

The personal budget of an individual could be a surplus budget or deficit budget, or balance budget. It is surplus when income is greater than expenditure. It is deficit when expenditure is greater than revenue, it is balance when income is equal to the expenditure.

In a situation where the income is not enough to cover the expenditure the person can cut down most of the expenses to a manageable size, so as to ensure that there is more money to meet the most pressing need at the point in time.

Explanation:

The person could make changes to the budget by cutting down all expenses that is not necessary, that is not so important at the moment. With a view to make money available for those item that has to do with the survival of the home such as food, clothing and shelter.

All the purchase of luxury item that can affect the budget should be removed from the budget until there is more money to satisfy them.