DEFICIT Meaning and
Definition
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Deficit is a term commonly used in economics and finance to describe a shortfall or lack of something, particularly in relation to money or resources. This term is used to indicate a negative balance or a situation where expenses exceed income or where there is insufficient quantity or quality of something desired or required.
In financial contexts, deficit refers to a situation where expenditures or debts exceed revenues or income. It signifies a negative balance or shortfall in funds available to meet liabilities or obligations. Governments often use the term to refer to a situation where government spending exceeds tax revenues, resulting in a budget deficit. Similarly, businesses may face a deficit if their expenses surpass their earnings, causing a financial imbalance.
In a broader sense, deficit can also refer to a lack or insufficiency in other contexts. For instance, a trade deficit occurs when a country imports more goods and services than it exports, indicating an imbalance in international trade. In education, deficit may denote a deficient or insufficient level of knowledge or skills in a particular subject.
Overall, deficit highlights the notion of a shortfall or insufficiency, whether it is in financial matters, resources, trade, or other aspects. It illustrates a situation in which there is a gap or deficiency, and measures may need to be taken to mitigate or address the imbalance.
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Want; deficiency, as in taxes or revenue.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
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Etymology of DEFICIT
The word "deficit" originated from the Latin word "deficere" which means "to fail" or "to be lacking". It is derived from the combination of the prefix "de-" meaning "from" or "away" and the verb "facere" meaning "to do" or "to make". Therefore, "deficit" can be understood as "failing to do" or "falling short". Its usage in the context of finance and economics emerged in the 18th century to refer to a situation where expenses exceed income or resources are insufficient to meet obligations.
Similar spelling words for DEFICIT
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