Government is similar to private sector ♦ Collects taxes (net of transfers): T ♦ Buys goods and services: G ♦ Repays debt service: debt accumulated + interests paid rG. Or is paid by its debtors. ♦ Gov deficit can be split in two: ◊ The primary deficit is G1 - T1 ◊ Interest payments rG(D1) on inherited debt from the past. ♦ IBC is obeyed if: in period 2 the primary deficit is enough to repay the primary def in period 1 + the interests on that deficit + the interest and principal on old debt (D1) ? ♦ T2-G2 = (1+rG)(G1-T1) + D1 + rGD1
To determine your budget constraint effectively, calculate your total income and list all your expenses. Compare the two to see how much money you have left after covering your essential costs. This remaining amount is your budget constraint, showing how much you can afford to spend on non-essential items or savings.
They are limited by a budget constraint.
It is the equilibrium point of utility maximization.
Indifference curve: series of curve reflecting the preference structure of the individual. Budget constraint: the material resource constraint the individual faces in choices. The demand curve, being inherently designated as rational, seeks to maximise utility. Thus, in a Walrasian equilibrium, the consumer construct his demand curve at the points where his contract curve equals to his budget constraint (or, in mathematical terms, when the constraint and optimal indifferences are tangent to one another). These tangencies construct a curve which is the individual's demand function.
The tangency point of Indifference curve and budget line shows the Marginal Rate of Substitution between X and Y commodities. Consumer's equilibrium is achieved at that point.
budget constraints
To determine your budget constraint effectively, calculate your total income and list all your expenses. Compare the two to see how much money you have left after covering your essential costs. This remaining amount is your budget constraint, showing how much you can afford to spend on non-essential items or savings.
The primary constraints are scope, time, quality and budget.
They are limited by a budget constraint.
Bruce R. Baker has written: 'Intertemporal state budgeting' -- subject(s): States, Budget, Finance, Public, Public Finance
It is the equilibrium point of utility maximization.
Indifference curve: series of curve reflecting the preference structure of the individual. Budget constraint: the material resource constraint the individual faces in choices. The demand curve, being inherently designated as rational, seeks to maximise utility. Thus, in a Walrasian equilibrium, the consumer construct his demand curve at the points where his contract curve equals to his budget constraint (or, in mathematical terms, when the constraint and optimal indifferences are tangent to one another). These tangencies construct a curve which is the individual's demand function.
A constraint is a restriction (or a limitation) that can affect the performance of the project. For example, there could be a schedule constraint that the project must be completed by a predetermined date. Similarly, a cost constraint would limit the budget available for the project. Every project manager must keep these constraints in his mind during project planning as well as execution.
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A constraint is a restriction (or a limitation) that can affect the performance of the project. For example, there could be a schedule constraint that the project must be completed by a predetermined date. Similarly, a cost constraint would limit the budget available for the project. Constraints are usually identified at a high level when the Project charter is written
A constraint is a restriction (or a limitation) that can affect the performance of the project. For example, there could be a schedule constraint that the project must be completed by a predetermined date. Similarly, a cost constraint would limit the budget available for the project. IT is usually noted down in the Project Charter and tracked throughout the life of the project