Anybody know about economics?read my question below?

Question

suppose a family decided to balance a budget for the month of nov. when they did they realized that their projected expenses exceeded their projected income for the month, exlpain 3 ways that the family could cut expenses or increase income to meet their desired goals.

Answer 1

1) Exclude some parts from expenses, leisure time, traveling, change consumer habits, etc.

2) Increase income - change job, get higher competence level, work harder, work extra hours, invest money to receive interest, etc.

3) Borrow resources to fix budget deficit.

Answer 2

Please study economics as chemistry of wealth. For any economic entity, at any given point of time, wants = means (Law of Conservation). When wants exceed means, any or all of the following can happen to equate wants with means.

A) Cheaper wants substitue costlier wants.

B) Present wants are changed to future wants

C) Future means are changed into present means by availing credit purchase or by availing loans or by cashing long term investments( premature closure of Fixed deposits, encashment of debentures, sale of stocks, sale of land and buildings etc).