Deficit (noun)

1. A shortage of money or resources.
2. The amount by which something is less than what is required or expected.

Origin:

Late middle english: from latin deficit "it fails", from deficere, from de- "away from" + facere "do".

Examples:

1. The government has a deficit of several billion dollars.
2. The company's deficit is a cause for concern.
3. The trade deficit of the country is increasing.
4. The school's budget deficit was covered by donations from parents.
5. The deficit in his education was evident in his lack of basic knowledge.