Which of the following best defines 'technical debt'?

The concept of 'technical debt' refers to the idea that taking shortcuts in software development—whether by prioritizing immediate delivery of a project or by implementing solutions that may not be optimal—can lead to greater challenges and costs in the future. This trade-off highlights the balance between the immediate benefits gained from quicker and potentially less thorough development practices and the long-term implications of having suboptimal code. As developers rush to meet deadlines or deliver features quickly, they may incur "debt," which will need to be addressed later through refactoring or additional work to clean up and optimize the code.

In contrast, the other options do not accurately capture the essence of technical debt. Code that runs too slowly is more about performance issues rather than the short-term versus long-term considerations inherent in technical debt. A financial concept unrelated to software development does not reflect the specific challenges faced in coding practices. Lastly, while code readability is important, it does not encompass the broader implications of choices that lead to future costs and efforts in system maintenance and enhancement associated with technical debt.