Deficit

Definition

Deficit refers to the amount by which something, especially money, is too small or insufficient. It is commonly used in financial contexts to describe a shortfall between income and expenditure, but can also apply to any situation where resources, quantities, or capabilities are lacking.

Parts of Speech

• Noun

Pronunciation

American English

• IPA Pronunciation: /ˈdɛfɪsɪt/
• Respelling: DEF-i-sit

British English

• IPA Pronunciation: /ˈdɛfɪsɪt/
• Respelling: DEF-i-sit

The pronunciation of "deficit" is the same in both American and British English.

Etymology

The word "deficit" comes from the Latin word "deficere," meaning "to fail" or "to lack." The term entered English in the late 18th century, initially used in financial and budgetary contexts to describe a shortfall or insufficiency in resources.

Derivatives

• Deficiency (noun)
• Deficient (adjective)
• Deficit spending (noun)
• Deficit financing (noun)
• Deficitary (adjective)

Synonyms

• Shortfall
• Insufficiency
• Deficiency

Antonyms

• Surplus
• Excess
• Abundance

Usage

The term "deficit" is most commonly used in economic and financial contexts, such as government budgets, business balance sheets, and trade relations. It is often associated with negative economic indicators, as deficits imply that spending exceeds revenue or resources. In addition to financial contexts, "deficit" is also used more broadly to describe any situation where something is lacking, such as an "attention deficit" in psychology or a "trade deficit" in economics.

Related Terms

• Debt: The amount of money that is owed or due.
• Expenditure: The action of spending funds or resources.
• Revenue: Income generated from business activities, taxes, or other sources.

Detailed Definitions

Noun

• An amount that is less than what is needed or expected: Refers to a shortage or lack of something, often in terms of money or resources.
  • Example: "The company is facing a budget deficit this quarter."
• The amount by which expenses exceed income: Used to describe a situation where financial outflows are greater than inflows.
  • Example: "The government reported a deficit in its annual budget."
• A lack or shortfall in quantity or quality: Describes any instance where there is a failure to meet required levels or expectations.
  • Example: "The athlete’s performance suffered due to a sleep deficit."