How is a family budget an exercise in managing scarcity? what role does income play?.

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18-08-2022
Business

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How is a family budget an exercise in managing scarcity? what role does income play?.

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bharatrathore162 bharatrathore162 · Answer 1 · 2022-08-18T17:02:07+02:00

Setting up a family budget might be the first step you and your family take toward gaining financial control. It can also aid in debt avoidance. Additionally, it frees you up from having to spend too much time thinking about money so that you can focus on enjoying your family.

What makes income important?

The financial resources provided by income influence decisions regarding housing, schooling, child care, food, medical treatment, and other things. Wealth, the accumulation of resources and possessions, serves as a buffer and kind of protection for us during difficult economic times.

what is a Budget?

A budget is an estimate of income and expenditures for a given future period of time.
It is often created and updated on a regular basis.
An individual, a group of people, a corporation, a government, or pretty much anyone else that earns and spends money may all have budgets.

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