A budget constraint, budget set or budget line: 1. Illustrates the combination of units of consumption across two goods that are not affordable, given prices and income. The outer most boundary...

1. Illustrates the combination of units of consumption across two goods that are not affordable, given prices and income. The outer most boundary signifies a person is consuming at a level that exceeds all income.

2. Illustrates the combination of units of consumption across two goods that are unattainable, given prices and income. The outer most boundary signifies a person is consuming at a level that fails to exhaust all income.

3. Illustrates the combination of units of consumption across two goods that are affordable, given prices and income. The outer most boundary signifies a person is consuming at a level that maximizes savings.

4. Illustrates the combination of units of consumption across two goods that are affordable, given prices and income. The outer most boundary signifies a person is consuming at a level that exhausts all income.