Define Static Budget and Flexible Budget

question 77

Essay

Define static budget and flexible budget. Briefly explain the use of each of these types of budgets?

Learn about the economizing problem of allocating limited resources to satisfy unlimited wants.

Appreciate the role of assumptions in economic modeling and the scientific method in economics.

Understand that personal and societal costs and benefits guide human decisions in predictable ways.

Understand the concept of rational decision-making in economics.

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Definitions:

Environmental Assessment

The evaluation of the environmental implications of a planned project or development, to guide decision-making processes.

Provincial Legislation

Laws or statutes enacted by the legislative bodies of provincial governments in countries with a federal system of governance.

Municipal Zoning

A process by which municipalities divide land into zones where certain land uses are permitted or prohibited.

Environmental Protection Legislation

Laws and regulations designed to conserve the environment and protect natural resources from pollution and overexploitation.