A budget constraint represents all the combinations of goods and services that a consumer may purchase given current prices within his or her given income. Consumer theory uses the concepts of a budget constraint and a preference map to analyze consumer choices. Both concepts have a ready graphical representation in the two-good case. == Uses == =...
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http://en.wikipedia.org/wiki/Budget_constraint
1. For an individual or household, the condition that income equals expenditure (in a static model), or that income minus expenditure equals the value of increased asset holdings (in a dynamic model). 2. For a country, the condition that the value of exports equals the value of imports or, if capital flows are permitted, that exports minus imports...
Found on
http://www-personal.umich.edu/~alandear/glossary/
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