Final answer:
The Garcia family had a budget deficit of $35. The Garcia family created a budget surplus of $35 as they spent $401 on food against their budget of $436 for the month. The correct answer is A.
Step-by-step explanation:
The Garcia family had a budget of $436 for food, but they spent $401 last month. This creates a budget deficit of $35 (436 - 401 = 35). Therefore, the correct answer is o budget deficit of $35.
The Garcia family created a budget surplus of $35 as they spent $401 on food against their budget of $436 for the month. A budget surplus happens when actual spending is below budget, whereas a budget deficit occurs when spending exceeds the budget.
The Garcia family had budgeted $436 a month for food. Last month they spent $401, therefore creating a budget surplus of $35. The term 'surplus' refers to the amount by which the actual spending is less than the budgeted amount. Conversely, if they had spent more than the budgeted amount, it would have resulted in a budget deficit.
Understanding a family's budget is a practical application of mathematics in daily life; it exemplifies how individuals and families must balance their expenses with their income. In real-world settings, unexpected factors may arise that can affect this delicate balance—analytics of a family’s monthly budget bring awareness to how much is being allocated for necessities like food against the backdrop of overall living costs.
In economic terms, a budget constraint represents the trade-offs that an individual or family faces in terms of their spending choices. For example, a family may have to decide between spending more on housing or food, demonstrating the principle that resources are finite and trade-offs are a necessary part of budgeting.