economics
deficit
The amount by which expenditure exceeds income or revenue, resulting in a shortfall.
Example
"The government ran a $1 trillion deficit last year, borrowing to cover the gap."
💡 Memory Tip
DEFICIT = DEFICiency. Something is deficient — you're spending more than you have.
Etymology
From Latin 'deficit' meaning 'it is lacking' — something is lacking (not enough money).
Common Misspellings
defecitdefictdeficetdeficite