What is the Meaning of: Deficit | Concept and Definition of: Deficit

A deficiency (from latin deficĕre, "Miss/being in lack") is the absence or inadequacy of a thing which is necessary. Can be of different kinds of assets, such as money, food or anything else. That said, there are many types of deficit.
The budget deficit, next to Public Administration, describes the situation where, at a certain period, expenditure incurred by the State are surplus to the recipes.
The public deficit is the balance of the accounts of all government agencies of a country, including the national State, communities or autonomous regions, municipalities and communes, etc.
When an economy is close, it means that the Government no longer has access to the direct debt with the public, whether outside or inside the country, and that its international reserves are exhausted, the only option facing the deficit being going into debt to the Central Bank.
In addition, the balance of payments is an accounting document recording commercial transactions, services, and transfers of capital maintained by residents of a country with the rest of the world over a period of time. The difference between values in the income and payments (or between exports and imports) of a certain sous-balance takes the name of balance.
If this difference is negative, one speaks of trade deficit (need for funding). On the other hand, if the difference is positive, it is case to a situation of surplus.
Finally, the public employment services use the concept of lack of jobs to measure the gap between the number of applications and the number of detected non satisfied bids at the end of the month.

Note: This translation is provided for educational purposes and may contain errors or be inaccurate.