The term deficit refers to a shortfall or an amount that is lacking. In economics, it typically describes the situation where a government's spending exceeds its revenue in a given period, leading to an increase in debt.
Usage examples
The government announced a budget deficit of $1.2 trillion for the current fiscal year.
The trade deficit between the two countries has been steadily increasing over the past decade.
The company's marketing campaign failed to attract new customers, resulting in a sales deficit.
The student's academic performance was negatively affected by a deficit in time management skills.
The organization is facing a deficit of skilled workers due to a shortage of qualified applicants.
The athlete's injury caused a deficit in their physical abilities, hindering their performance in competitions.
Some experts argue that a deficit of empathy in society is leading to increased polarization and conflicts.
The country's healthcare system is struggling to cope with a deficit of medical supplies during the current pandemic.
The educational institution had to cut several programs due to a funding deficit.
The team lost the match due to a deficit in goal scoring, unable to convert their opportunities into points.